We last heard of Ni-Oh! in 2012. The game, based on an Akira Kurosawa script, was announced in 2005. "I heard that it's been stopped, but it's actually very much in development," Tecmo Koei's Yosuke Hayashi told Venture Beat. "We still need a little time before showing it off, but it is starting to come together."
Why no mention of the rest of the article where he talks about the development of DoA5 and the challenges of balancing the game, its guest Virtua Fighter characters, creating an identity post Itagaki, and how they deal with the accusations of sexual exploitation of their female characters? It's a much more interesting read than the short bit where he mentions Ni-Oh