According to a job listing posted by AQ Interactive, Feelplus is currently working on a “large scale” RPG for Microsoft.
The opening is for a game designer [3D motion] and the position is somewhere inside AQ Interactive, not necessarily Feelplus. AQ Interactive is the parent company of other studios including Cavia and Artoon.
Feelplus was initially funded by Microsoft to develop Lost Odyssey. Their staff includes members from Nautilus (think Shadow Hearts) before Aruze withdrew from the console gaming business. Don’t get your hopes up for a Shadow Hearts sequel though, Aruze still owns that brand, which is now being shoehorned for slot machines. Perhaps, Feelplus is working on that mysterious Mistwalker game. Feelplus and Mistwalker worked together on Blue Dragon Plus and Lost Odyssey in the past.