Yes, Harada is right. Game development costs increase every generation.
In recent ones they added post launch content, motion capture and rebalancing plus servers, and also each new generation games get more detailed and better animations, which needs way more work to make better and more detailed models, textures, materials, visual effects, demanding more artists and time to make the games, plus research in new engines, visual effects and techniques, netcode stuff etc.
On top of that there's the inflation, rising costs of salaries, office costs, tools & licenses, marketing, shipping, materials to make the physical games etc.
In Moby Games Tekken 8 has over 1800 employees listed, Tekken 7 had 913, Tekken 5 had over 343 people, Tekken 4 had 161, Tekken 2 had 61 and Tekken 1 had 51 people.
It happened to al AAA devs, not only Bandai Namco.
But again, Elden Ring, was made in Japan, name 3-4 games with that budget in Japan?
Some games more with similar or more developers credited in their staff roll than Elden Ring:
Armored Core VI
Final Fantasy XVI (like 2-3 times the size of the ER staff)
Ghostwire Tokyo
Gran Turismo 7
Hi-Fi Rush
Like a Dragon: Infinite Wealth
Naruto X Boruto: Ultimate Ninja - Storm Connections
Resident Evil Village
Street Fighter 6
The Legend of Zelda: Tears of the Kingdom