The upcoming Spring 2001 Tokyo Game Show event will be the venue for a big SEGA announcement that will see a list of games planned for Microsoft's Xbox, according to IGN. The site says that it expects the publisher to outline specific titles alongside Microsoft when it introduces the Xbox console to the Japanese market.
When asked for comment, SEGA Vice President of Corporate and Marketing Communications Charles Bellfield said, "Sega continues negotiating with all platform companies as we announced on January 31st. We look forward to making announcements shortly, but at this point, Sega has no further information."
So basically... they could announce something, or they could not. With Microsoft wanting to make a good first impression on the Japanese industry however, it might well be a safe bet to bring SEGA on stage.