Can Dragon Quest XII Be Completed After Losing Two Legends? Why Fans Are Still Willing to Wait
The “Notice from Dragon Quest” ironically ended up becoming something that would be etched into Japanese gaming history as revealing an endless state of confusion with no clear end in sight. Meanwhile, the stock price of Square Enix Holdings Co., Ltd. continued to fall, remaining weak even into June.
On May 27—the “Dragon Quest Day,” marking the 40th anniversary since the release of the first “Dragon Quest” on May 27, 1986—the official Square Enix YouTube channel streamed a video titled “Notice from Dragon Quest.”
However, what was presented after five years of silence was not the completion of the game or an announcement of a release date. What was revealed instead was a restructuring of the development system, a redesign of the title logo, a change of the subtitle from “The Flame of Chosen Fate” to “To the Far Beyond of Dreams,” and, effectively, the unexpected fact that development was being restarted from scratch.
The understandable reasons behind the wave of criticism
Let us turn the clock back five years.
On May 27, 2021, during the special program commemorating the series’ 35th anniversary, the latest installment “Dragon Quest XII: The Flame of Chosen Fate” was announced in a grand manner. Along with a title logo depicting red flames burning in darkness, game designer Yuji Horii (72) stated that it would become a dark, more adult-oriented Dragon Quest, that players’ choices would change how they live and how the game itself changes, and that the command battle system would be overhauled—an ambitious concept that would overturn the series’ traditional fantasy style.
Fans around the world rejoiced and imagined a grand adventure on the latest gaming hardware. However, a long period of silence followed. Only the logo was released; everything else—including supported platforms, gameplay footage, and release timing—remained unknown. As years passed without any updates, unsettling rumors spread online, such as development is completely stuck or the project keeps falling apart mid-way.
During this unusually long silence, two of the series’ greatest creators also passed away: composer Koichi Sugiyama (d. 2021, aged 90) and character designer Akira Toriyama (d. 2024, aged 68), deepening the tragedy for fans.
In such a state of anxiety and frustration, the recent broadcast arrived—and because expectations were so high, the lack of substantial information led to widespread disappointment and criticism among fans.
Furthermore, the impact of the stock price decline triggered by this announcement has been enormous. On May 28, the day after the announcement, shares of Square Enix Holdings Co., Ltd. plunged 5.2% from the previous day to 2,565 yen, and continued to slide without stabilizing afterward. By the closing price on June 23, it had fallen to 2,392.50 yen, a drop of 11.5% (312 yen) in just over a month from the 2,704.50 yen recorded the day before the announcement. Behind the market’s unforgiving judgment lies the fact that the new information about the latest title “Dragon Quest XII,” revealed on the symbolic 40th anniversary of the nationally beloved game series “Dragon Quest,” was seen as deeply disappointing.
“In other words, this means that what they had been building over the past five years has effectively been reset once, and they are rebuilding almost from scratch. The appointment of Yoshuke Saito (55), a hitmaker, as the new producer is a positive factor, but the scale of the restart is too large. For the market, the uncertainty of we may have to wait several more years is regarded as a serious risk to the company’s earnings outlook,” said a person in the game industry.
Questions over a 180-degree shift in direction remain
The lack of clarity from Square Enix regarding when the game will be released has solidified investor distrust. On the other hand, reactions from fans across the internet and social media show a far more complex range of responses that cannot simply be dismissed as disappointment or market coldness. The same source continued:
“What drew major attention was the fact that Yoshuke Saito, known as a hitmaker for titles such as the ‘NieRseries,’ was appointed as the new producer, replacing former executive producer Yu Miyake. Miyake had long served as the overall head of the Dragon Quest series, but in spring 2024, reports suggested he was transferred to another division as part of efforts to address development delays.
His sudden departure at the time fueled speculation among fans that ‘Dragon Quest XII has been canceled!’, raising concerns that development had stalled. In that sense, Saito’s appointment has led to reactions online such as so there really were internal issues after all, bringing both relief and a sense of understanding to the long silence. The originally announced dark direction has now been shifted 180 degrees, and according to comments from Horii himself, toward a bright, exciting world—which, along with surprise at the apparent full reboot, is also accompanied by a mood of acceptance.”
At the same time, fans’ resigned sighs run deep. Social media is filled with fatigue over waiting for an uncertain dream, with comments such as “If it’s been restarted, how many more years until release?” and “Won’t the PS5 generation end before it comes out?”
“Above all, what weighs heavily on fans’ hearts is the presence of the two legends who passed away during these five years, Koichi Sugiyama and Akira Toriyama. There is a strong wish that the final legacy they were involved in during their lifetimes will somehow be brought to completion under the new structure. Gratitude that their names remain in the credits, along with a heartfelt plea that the work not be left unfinished even after such a long delay, is flooding timelines,” said the same source.
With its subtitle changed to “To the Far Beyond of Dreams” amid ongoing confusion, “Dragon Quest XII” now stands at a crossroads between attachment and resignation among fans. Will this dream ever safely reach players’ hands?
