Looks like our hopes have been dashed due to a Tecmo Rep sending out this statement.
"Nintendo holds the publishing rights to 'Fatal Frame Wii,' which was developed by Tecmo LTD. and Grasshopper Manufacture and released in Japan on July 31, 2008. Nintendo of America has since then decided not to publish the title in North America – consequently, the title will not be released in this territory. As the owner of the IP, Tecmo feels very unfortunate that the fans of the series in North America will not have a chance to play the game, but respects the final decision made by Nintendo of America."
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