According to Luminous Productions, all game elements are now complete and development is in its final polishing phase. Fortunately, there are other Square Enix titles launching this year that have been confirmed; Valkyrie Elysium this September and Star Ocean Divine Force in October.
Here’s the full message from the developer Luminous Production in regards to Forspoken delayed announcement:
As a result of ongoing discussions with key partners, we have made the strategic decision to move the launch date of Forspoken to January 24, 2023. All game elements are now complete, and development is in its final polishing phase.
We would like to thank you for your continued support and patience on this journey. Your excitement for the game inspires us every day and we cannot wait to share more about Forspoken with you later this summer!