After filing for ownership of the "iWatch" trademark in Japan, speculation has increased that Apple will introduce a wearable technology product.

Reports coming from the Wall Street Journal suggests the tech giant made the application on June 3, before making it public on June 27.

With rumours that the company has also applied for the same trademark in Russia, many believe this to be the first step in Apple's plan to launch the iWatch.

The news comes less than two weeks after an industry analyst branded the product a "hobby for Apple [rather] than a major new product line."

Yet at Apple’s WWDC in June, the company’s global marketing guru Philip Schiller took a swipe at critics questioning the company's portfolio of products.

“Can’t innovate anymore? My ass,” he insisted.

And with the wearable tech market forecast to hit US$1.5 billion by 2014, it appears Apple is well placed to launch an attack on the market.

Speculation regarding an iWatch have been long brewing, dating as far back as February this year, and with CEO Tim Cook also failing to rule out the product recently, a concrete release doesn't seem far away.

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