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pezus said:

There was no persona 4 sequel o.O. A fighting game was released last year on PS3/360 though, based on Persona 4.

Arena is, plot-wise, very much a sequel to Persona 4. It even takes steps to tie together the events of Persona 4 and Persona 3, making it a pretty important part of the overall storyline of the series. The fact that it is a completely different kind of game from Persona 4 doesn't really matter in that sense, but yes, it is a fighting game. It's not "based on" Persona 4, it follows it.

I do agree that Japan is shrinking more and more into irrelevance in the home console market. This past generation, according to VGChartz, the country represented a smaller portion of the market than the sum of "minor" territories. In the handheld market, Japan is still a major player, which means it is still one of the largest consumers of video games in the world. But of course, this does nothing for Wii U/PS4/Xbpppppfffffttthahaha... like Japan would've mattered to XBox even if it was bigger than every other market combined...