Koei Tecmo IR signal: Japan's IP360 program funds new action IP 'Fuji'
Summary
Koei Tecmo's new action IP codenamed Fuji selected for Japan's METI IP360 funding program
IP360 launched 2026 funds new franchise creation; Konami, Arc System Works, Square Enix also selected
Government subsidy gives Koei Tecmo off-balance-sheet risk mitigation on a pre-disclosure project
Fuji runs parallel to Wo Long: Wings of Ember sequel pipeline targeting early 2027
"Leveraging Koei Tecmo Games' expertise in East Asian-themed visuals and action games, the company will develop a brand-new IP with the goal of achieving worldwide success"
01
METI is systematically subsidizing AAA new IP at Japan's top publishers
IP360's "large-scale production (general support)" category targets new franchise incubation at scale
Named recipients: Konami (new console game), Arc System Works (new 3D fighter), Square Enix, Koei Tecmo
State funding lowers the capital threshold for greenlit new IP at participating publishers
For Koei Tecmo IR watchers, IP360 support is risk mitigation on a project not yet in disclosed financials
02
Fuji is positioned as a worldwide cross-media play from day one
Listing explicitly targets "worldwide success" - not a domestic-first release
Cross-media mandate mirrors the portfolio logic applied to Dynasty Warriors and Nioh
East Asian action framing aligns Fuji with Rise of the Ronin, Wo Long, and Wild Hearts
No release window, platform, or creative lead disclosed at codename stage
03
Dual-track slate: subsidized new IP alongside sequel revenue
Wo Long: Wings of Ember announced at Xbox Games Showcase, targeting early 2027
Sequel cash flow plus subsidized new IP expands the slate without proportional financial exposure
Structure reduces the binary risk that has historically made new IP costly for mid-sized Japanese publishers
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