The studio that brought us Ape Escape is no more.
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Sony's Japan Studio is responsible for bringing the world games like Ape Escape, PaRappa the Rapper, Hot Shots Golf, and Shadow of the Colossus. Sadly, it seems as though the studio's usefulness to Sony has come to an end after 27 years. Japan Studio is being "re-organized" effective April 1, 2021. A statement issued to IGN confirms the grim news that we've been hearing rumors about all day today.

In an effort to further strengthen business operations, SIE can confirm PlayStation Studios JAPAN Studio will be re-organized into a new organization on April 1. JAPAN Studio will be re-centered to Team ASOBI, the creative team behind Astro’s PLAYROOM, allowing the team to focus on a single vision and build on the popularity of Astro’s PLAYROOM.

In addition, the roles of external production, software localization, and IP management of JAPAN Studio titles will be concentrated within the global functions of PlayStation Studios.
In short: Japan Studio is done for. Only Team Asobi will remain.