Being officially launched today in Japan, the new entry in the Project Zero series, Project Zero 5: Oracle of the Sodden Raven for the Nintendo Wii U, was streamed on Nico Nico Live earlier in the day. While the stream is over, it was thankfully uploaded by multiple people, even ones by English uploaders, including their take on it, which you can catch below. Take note: there are spoilers abound.
Normally this would be the end of it, but many caught notice of something. The stream had an English translation for the description and even an English title was used: Fatal Frame: Oracle of the Sodden Raven. Fatal Frame is what the series is known as in the West. Since the stream was an official one, many are considering this as foreshadowing a possible announcement of its localization. It could mean nothing and they were simply being generous to the English-speaking viewers who know the series, but I certainly hope it will eventually get localized sooner or later.
Thanks to the various uploaders on YouTube for the footage.