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Speaking to GamesIndustry.biz, head of Xbox Phil Spencer admits that the spending spree is by no means over. The strategy will be familiar to anyone who has followed the Netflix story. The TV streaming platform reportedly spent between $12 and $13 billion on content last year, and that number is expected to rise this year.

"I think it would be nice if we found an Asian studio, in particular a Japanese studio, to add [to our studios]. I liked it when we had some first-party capability in Japan. We have a small team there, but I think we can do more."

You can look at our P&L of our company; we're not spending $12 billion on video games today, but as the subscriptions grow and reach more customers, I do think it's important for us to continue to invest in content. It's not every year that we'll add seven new studios, but I do think us looking at specific targets that we need is important."

https://www.gamesindustry.biz/articles/2019-06-11-i-would-be-nice-to-buy-a-japanese-studio-phil-spencer

Imo they should either buy Mistwalker and expand them or create their own studio.