In a recent interview with the head of Nintendo France with a major French publication Le figaro.fr the ever elusive SMT IV was briefly mentioned.
He mentions Bravery Default selling 60,000 units before saying that his team are "hard at work on the French translation of Shin Megami Tensei another Japanese RPG".
Looks like the confusion over who Is handling the title may be over and the wait is due to each region having dedicated translations by Nintendo. Expect a high quality translation should the title find it's way to our shores.
The full interview is found here http://www.lefigaro.fr/secteur/high-tech/2014/05/22/01007-20140522ARTFIG00230-mario-kart-8-va-relancer-les-ventes-de-la-wii-u.php