current breakage with PGCLIENTENCODING

It seems current does not handle PGCLIENTENCODING environment variable
correctly.

$ PGCLIENTENCODING=SJIS psql test
Welcome to psql 7.4devel, the PostgreSQL interactive terminal.

Type: \copyright for distribution terms
\h for help with SQL commands
\? for help on internal slash commands
\g or terminate with semicolon to execute query
\q to quit

Pager is off.
test=# \encoding
SJIS
test=# show client_encoding;
client_encoding
-----------------
SJIS
(1 row)

test=# select pg_client_encoding();
pg_client_encoding
--------------------
EUC_JP
(1 row)

As you can see, the result of "show client_encoding;" and "select
pg_client_encoding();" do not match. I'm sure that they do match at
least in the 2003/03/24 version.

Any idea?
--
Tatsuo Ishii