During the most recent Nintendo Direct, Satoru Iwata showed off a teaser trailer for a previously unannounced game that combines the worlds of the publisher’s own Fire Emblem series and Atlus’ Shin Megami Tensei.
The trailer was only half a minute long, but showed several characters from most entries in each series.
From the Shin Megami Tensei camp both the protaganist and heroine from the original game were visible (as were the protagonists of the sequels), plus Demi-Fiend from Shin Megami Tensei III and several others.
As for Fire Emblem, series favourites Marth and Shiida were visible, along with an entire crowd of others.
The brief trailer gave no indication of the play-style the game will follow, given how different each series generally approaches RPG staples.
Satoru Iwata mentioned that this collaboration with an outside studio is an example of the measures Nintendo is taking to keep producing a decent amount of games despite development duration time having increased in the past few years.
While both Intelligent Systems and Atlus logos are featured at the end of the trailer (along with the cryptic “Title in Development”), the trailer begins with “Atlus presents…”, which leads one to speculate that Atlus is taking the lead on this one to produce a ‘Shin Megami Tensei meets Fire Emblem’, and not the other way around.