It's been about two years since the last time the community team weighed in publicly on how they felt the Japanese site was doing (as far as I was able to find). There was a brief discussion in a podcast three years ago where Joel was a bit skeptical that these language sites would even work out, but other than that, we've just been chugging along in beta.
We've gone through a few self-evalations now with results that rate us slightly above satisfactory. Some sites older than ours have been closed down for inactivity. Some sites newer than ours have fully launched. I don't think we're doing so poorly we're in immediate risk of being shut down (or else we'd probably see a topic from Grace Note warning us to clean up the site), but we also don't have the explosive traffic and excitement that some of the newer sites do, so my guess is we're still in the "meh, okay" zone.
Still, I think it would be helpful to check in with the community team and make sure we're on the same page.