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As with most things japanese, you will find that the figure quoted is to keep in line with regulations and laws. You will be very unlucky to find a skyline with less than 320bhp, out of the box plus make them breath and fart properly, a small remap, and it has to be the easiest car to get 400bhp out of!!
Not prone to blowing up either at this BHP,400-450 can be run without any fear!!
Check out www.gtr.co.uk for any info you may need,
Both R34 & R33 make (320 & 305) stock HP respectively. Nissan just "rated" their Skylines as 280 PS at some RPM away from where maximum power is really made.