Japanese news site Nikkei.Net (Subscription) reports about a new initiative formed by Japanese Watchmakers to develop mobile phone companion wristwatches.

Citizen Watch, Casio Computer, Seiko Instruments and Seiko Epson are partnering with the Mobile Computing Promotion Consortium to define a new standard for enabling Wristwatches to display mobile email or SMS received by mobile phones.
Apparently the group considers Bluetooth as communications technology. Ah, that rings a bell. The photo shows the Seiko Phatch Bluetooth Watch, which appeared in 2004.
Watchmakers are hurting because of mobile phones replacing wristwatches. So, it could be a smart move for them to enhance mobile phones, instead of trying to compete.