In the latest issue of GameInformer, issue 223, November 2011, an article spanning a depressing half page was placed in the magazine summarizing and covering the TGS. The title of the article: "Big Booths, Small Impact". Tokyo Game Show was once a convention that rivaled E3, and was highly anticipated each year. However, in the past couple of years, many have noticed that the show has been losing steam.
While a press release stated that this years convention had the highest attendance record of a whopping 222,668 people, most of the journalists were greatly displeased with what they witnessed. Most of the demos for the large titles such as Skyrim and Battlefield turned out to be old demos from PAX and GamesCom. Microsoft who usually has a large showing was singled out to a booth in comparison, showing off virtually nothing. Big titles such as BioShock Infinite and Modern Warfare 3 were either hidden in a corner, or non-existent. While most or the western press found the convention a disappointment, the Japanese crowd found it pleasing, dressing up and cosplaying.
As the article states, from a news perspective, little was to be told. Little relevance seems to be displayed outside of Japan due to the fact that very little was shown from titles outside the country. By them not embracing western titles, they're hurting the conventions publicity.
TGS might not be the big picture here. Its quite possible that Japans gaming market has sealed itself in its own creative coffin, and they're running out of air. Games from Japan still have a distinct play style that most of today find somewhat archaic.
Is japans market in the gaming world losing relevance and dwindling?