Xbox One Games Will Be Region-Free

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Microsoft has confirmed that Xbox One games won't be region locked.

When the console launches this November, we will support Xbox One in 13 markets. Xbox One may be used in all countries, including the non-launched markets. In addition, Xbox One games are not region locked. Any Xbox One game purchased at retail can be used in any country on any Xbox One.
— Microsoft

You can use one of the 13 digital marketplaces corresponding to the Xbox One launch markets, assuming you have a valid payment instrument for those countries. Music and video content such as Netflix are going to be "geo-restricted". That has more to do with Netflix than Microsoft, though. 

When GTA V announced that it would be region free, Rockstar mentioned that this would not count in Japan. There is no word on how region free the Xbox One will be. Let me know your thoughts in the comments below!