In an interview with AutoCar, Mugen Euro's general manager Colin Whittamore revealed "A car that we'd like to do is the Jazz."
He stated the car could use the same powertrain as the upcoming Honda CR-Z Mugen concept. As you may recall, that vehicle has a supercharged 1.5-liter engine and an IMA hybrid system which gives it a combined output of 200 PS (147 kW / 197 hp) and 181 lb-ft (245 Nm) of torque.
No word on whether or not a Jazz Mugen will actually be produced, but it wouldn't be inconceivable.
Note: Mugen Fit JDM pictured