You read that right.
"Japan won't agree to extend the Kyoto Protocol beyond 2012 even if that means isolating itself at the U.N. climate change talks next week in Cancun, Mexico, a senior Japanese negotiator said Thursday."
"Even if the issue of extending the Kyoto Protocol becomes a major item on the agenda in Cancun and Japan finds itself isolated, Japan will not agree to this."
The Japan Times.
I think Steven Taylor (HT) said it best here.