Pretty much the truth. We've known for awhile that the Japanese don't jump to the next generation the same way as western publishers and developers. It's a very conservative approach and probably quite short-sighted. They seem to want to see the product on the market before they commit, they want to see games achieve success without they themselves taking a risk, though that means they're not helping build the market for the future.
I said last year that Japanese games for the Vita would come and I was right. That's why I'm not worried about the PS4, which obviously is in much better shape in terms of potential profit.