Last year he posted a picture of himself back in the studio;
http://www.seganerds.com/2013/06/03/ryo ... shenmue-3/
He couldn't explain what it was for, but did say;
“The picture of me back in studio is a recent picture, in fact very recent, but with non-disclosure agreements, I cannot reveal what project I’m working on,” he said. “I can say, however, I’m not working on Shenmue 3. I’m saying right now, it’s not 3, so please don’t freak out too much.”
I know some of you guys have him on facebook/twitter - has he mentioned anything else about the project at all recently?