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(Pocket-lint) - Casio introduced its first digital watch more than 40 years ago, but now, in order to keep up with the times, the Japanese watchmaker is currently developed a new watch that "tries to be smart".

According to The Wall Street Journal, Casio has a smartwatch in the works. But it's more like a watch with smart capabilities than a smart device entirely. The report noted that this new product was announced as one of Casio's founding four brothers stepped down after being president for 27 years.

His son is now in charge, and that means Casio is being helmed by a newer, younger generation. The company, which has developed watches in the past with various hear-rate and communication features, therefore wants to develop the perfect smartwatch - one that doesn't break easily and is simple or feel goods to wear.

You can expect the watch to cost ¥50,000 (about $400), but that's not set in stone. Casio's new president has already spent 4 years leading the team developing the watch, and as part of that role, he claims to have rejected prototypes that didn't meet his standards, such as an "overly bulky phone watch."

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Casio's smartwatch will be designed for men interested in outdoor sports and leisure. It'll have not only a design for that type of customer but also functionality. It should release in March 2016 across Japan and the US. Casio hopes to hit ¥10 billion [about $80 million] in smartwatch sales and then expand the business from there.

No other details, including specs, were announced at this time.

Writing by Elyse Betters.