The Persona 4 Arena update that was shown off and tested back in August will be released in Japanese arcades this winter. Persona 4: The Ultimax Ultra Suplex Hold adds Junpei Iori and Yukari Takeba from Persona 3. A brand new character was announced named Sho Minazuki and he couldn't be shrouded in more mystery at the moment. Along with these new characters players can also play as the shadow versions of the original cast.
Persona 4: The Ultimax Ultra Suplex Hold continues the story right after the events that took place in Persona 4 Arena. Just a few short days after P4A, a brand new tournament pops up on Mayonaka TV called the P-1 Climax. A strange red fog covers the streets of Inaba and an image of a figure that looks just like Mitsuru being crucified is shown on TV. S.E.E.S. and the Special Investigation Squad must work together to figure out who is responsible.
There hasn't been an announcement for a home council release or weather or not this will be a brand new game or just an update yet. Until then check out the first trailer for the second installment of Persona 4 Arena. The first Persona 4 Arena