Who cares what it's called? If the JSF is willing to host this event and put the money up in doing so, more power to them! Yes, it would be nice if it could be rotated and different federations hosted this event; however, since that's not happening, I'm happy that Japan is willing to host.So why not just call it the Japan Open? :P
If this is ever supposed to become a truly major ISU competition with global appeal, it should be rotated among host countries like Worlds, Euros/4CCs, and the GPF. Right now it feels like a cheesefest with automatic home advantage for the Japanese skaters, which would be fine in itself, but it actually has the stamp of approval from the ISU.