From what I heard, there won't be a physical release in japan for the simple reason that Zelda didn't sell too hot in Japan in the last few years, especially on Wii U and Wii. It isn't cancelled though. It was never officially announced as a physical title for japan. Take a good look at the game cover at every online store in japan. It's always the US one, there isn't a japanese cover that I would know of. All these stores just listed the game without a word from Nintendo, they just assumed it would be coming to japan.
I would be surprised if it was cancelled anywhere else in the world. I'm kinda working as a freelancer on the marketing front (where exactly I can't tell you) and up until this very day every official piece is talking about Wii U. On the other hand, it wouldn't be the first time where us marketing folks get to know big news pretty late, so yeah, let's see. =P
Official member of VGC's Nintendo family, approved by the one and only RolStoppable. I feel honored.
