Fatal Frame V [not] confirmed for the rest of the world, but Itagaki believes it will come

[Nuvendil]

I'm neither here nor there on this (though these two devs seem to be friends so who knows), but I for one have always felt there was a strong possibility of the game coming to the West. Nintendo is currently taking a more balanced approach to their lineups in terms of genres, target demographics, etc and Fatal Frame fits that approach. Nintendo is also having to do the heavy lifting for the Wii U so the more exclusives the better. Given these circumstances, I could see Nintendo encouraging or helping pay for localization of the game.