A talk between Sakaguchi and Yoshida at Tokyo Game Show has revealed that Final Fantasy 16's main scenario is complete.
Tokyo Game Show just wrapped up and although Final Fantasy 16 didn't end up making any kind of gameplay appearance, Yoshida provided some updates on how the game's development is progressing in a talk with Sakaguchi titled, "The Appeal and Potential of RPG - Hironobu Sakaguchi and Naoki Yoshida".
The new information was pointed out by ResetEra user Dreamboum and is based on what the interpreter over the livestream said. The biggest piece of news to come from the livestream is Yoshida saying that work on Final Fantasy 16's main scenario is complete. It's not entirely clear what exactly the "main scenario" means, but it's reasonable to presume that the main quests of the game are sorted and you can likely play through it from start to finish.
Yoshida also revealed that the game's models are almost complete and that the team just has to keep working on the quality a little bit. This would imply that all of the game's characters and enemies have been selected and are in the game in some capacity. Yoshida also says that Square Enix wouldn't be happy if he told people how long the game has been in development, but that the team was focused on the main scenario before ramping up development.
One small tidbit that fans will find interesting is that Sakaguchi apparently asked Yoshida if he could write a quest for the game. Yoshida then said that he could write a quest for Final Fantasy 14 instead.
It's not too surprising that Final Fantasy 16 skipped out on appearing at Tokyo Game Show, as a few months ago Yoshida said that the team was focused on development and likely wouldn't show it off. It was said back then that the game's scenarios were set in stone, which shows that a good amount of work has been done in the months since.