Bandai Namco officially announced today that the sequel of Project X Zone, aptly titled Project X Zone 2: Brave New World, is in development at Monolith Software.
The game is in the works exclusively for Nintendo 3DS and will be released in Japan this fall. It will be a strategy JRPG and will again feature characters from Bandai Namco, Sega and Capcom games.
Below you can see the announcement trailer.
Update: the game has been announced for a western release as well. You can find the details here.