From the news reports this morning, one thing is clear: Japan did virtually nothing to fascilitate the negotiations. Where was Prime Minister Hatoyama? It was left to Environment Minister Ozawa to talk to the press, and announce "about 1.75 trillion yen over the three years through 2012 to support efforts by developing nations to fight global warming," according to The Yomiuri.
Japan's offer sounds good until you read the fine print:
Ozawa explained that some of the funding will be in Yen loans, and Ozawa said implementation of the funding was conditional on COP15 participants agreeing on a political accord that establishes a framework for fair and effective cuts in greenhouse gas emissions, including aggressive reduction targets for all the major emitting countries.
"If this condition isn't met, [the offer of funding] will cease to be an international promise," Ozawa emphasized.
The Times argues that it was the US who failed to live up to expectations:
The one positive outcome for developing countries was a commitment by rich countries to provide $30 billion of climate aid over the next three years and $100 billion a year from 2020. The US announced by far the lowest pledge. It will contribute $3.6 billion between 2010 and 2012, while Japan will give $11 billion and the European Union $10.6 billion.The Times: Copenhagen deadlock wrapped up as emissions deal
As far as I can see, there has been no official comment from Japan's government or from Prime minister Hatoyama himself. That shows a lack of awareness about what is at stake. The Kyoto Protocol will now expire, and Japan had virtually nothing else to offer than an empty promise.
You can read the brief Hatoyama Initiative as a pdf document on the official government page, with the $11 billion pledge, but why Hatoyama's name should be on this is beyond me - that's public funds, not his own money. Perhaps he could have asked his rich mother for some advice?