Is it still a JRPG if it's developed by Americans? That's both a 21st century kōan, and a genuine question I have of Y2K. Perhaps it's more accurate to call it a J-style RPG; taking the design philosophies of the genre, and tying them to a Western story that's nevertheless inspired by the novelist Haruki Murakami.
All you really need to know is that the main character's weapon is a vinyl record. Also that there are "weaponized panda plushies".
Your own tolerance for hipster culture, plushies or surreal depictions of '90s-era technology aside, the developer has posted a few pre-alpha videos and they're looking pretty promising. Already they offer a good overview of the battles, puzzle-style and weirdness of the game:
Y2K is due out for Windows, Mac, Linux and various Playstation devices. There's no release date yet, but you can follow its progress over at the dev's site.
Note: Y2K was brought to my attention by Cassandra Khaw, who is both business developer for the game's publisher, Ysbryd Games, and an occasional writer for PC Gamer.