It's called "Ikenie no Yoru" which is Night of the Sacrifice in English.

Here's the trailer:

This is kinda interesting. It's a Wii horror game that supports 2 players but also supports the balance board. It's about five college students who explore a haunted place called Tsukuyomi Raven where it is said people once offered sacrifices to the gods. The player uses the Wiimote as a flashlight.

As of now, it only has a Japan release date :(

The only strange part is the colours style on certain people vs reality. 

Cool it's made by Marvelous Entertainment they're usually great, hope it does well in Japan and make it over to the west.

Yeah, I found that kinda weird. Hopefully it doesn't take away from the experience.

Maybe it is place holders....or something...like they have yet to develop character design for those characters. 

Maybe. However, my main concern is if it's ever gonna be released outside of Japan :/

It will be released by March and, as such, they should not be place holders but something close to the final product. Anyway, there is no place for place holders in an official trailer.

looks interesting

I love horror games/movies and the more the better...if it is released in America I would buy it for sure. It kind of looks like Calling which I really enjoyed. Balance Board could be used to run from the ghosts which would make it feel more real and that would be cool.

Yeah, they must be placeholders