The PlayStation 3 may have struggled with JRPGs earlier in its lifespan, but its newer, more powerful brother might not suffer from the same problem.
Nikkei's Trendy Net uncovered that Level-5 is working on a next-gen game while speaking to CEO Akihiro Mino. He said (roughly translated from Japanese):
It [A PS4 game] is still in the planning stage which I'm going to continue working on. We may be able to announce it in the near future.
Level-5 has had great success on PlayStation platforms with Dark Cloud 2 being one of the best JRPGs on the PS2—which is saying a lot—and Ni no Kuni being the undisputed champion of JRPGs on the PlayStation 3.
The PS4 is coming in only a few months and has no RPGs primed for its debut. Sure, it has Capcom's Deep Down, but that appears to be more of an action title like Dark Souls. Otherwise, it'll have a drought of RPGs until The Witcher 3: Wild Hunt and Destiny come out next year, both of which are multiplatform.
In terms of JRPGs, a title from Level-5 would be a huge addition to the early library of the PS4. The studio has a propensity for being creative with titles that break away from the mold of JRPGs. If nothing else, its game can show other developers how they can utilize the PS4's capabilities to deliver fresh experiences, and gamers that the genre is far from dead.