I'm still not entirely sure where Sega stands with Shenmue III (Or Bayonetta for that matter). Ryo Hazuki is a Sega All-Star and the first two Shenmue games were two of Sega's finest Dreamcast games.
If Sega really did sell their finest franchise to Sony it's just more indication of Sega's struggles to keep up with the modern industry. (Though to be fair unlike Sega were doing anything with the Shenmue series so passing it to another studio is perhaps the nicest thing they did for Yu Suzuki.)
Still hoping Shenmue III will have ¥500 capsule toys of Sonic and Sega. Maybe across the street another capsule machine for toys based on Playstation characters.
I think Shenmue is still traumatic experience for Sega of Japan,
they never touched it directly.
Almost anything Shenmue related are from western part of Sega or other company.
Ryo Hazuki in Sonic & Sega All-Star Racing is handled by Sumo Digital
Ryo Hazuki in Project X Zone 2 is handled by Bandai Namco
Ryo Hazuki in Sega Heroes is handled by Demiurge
Shenmue I & II Remastered is developed by d3t
Shenmue III is developed by YS Net
Sure they published Shenmue I & II Remastered in Japan,
but the development by d3t is being supervised by Sega of Europe
SOJ never touched it directly.
And I don't think ¥500 capsule toys would come back with non Shenmue characters,
it would take many times for licensing issue for all those characters as toys,
especially if it's from Playstation universe.
Securing all licenses for many characters to appear is tiring
and Yu Suzuki is already has his hands full for the development of the game.
