What's the story with Japanese pressings?

I would say they make super quiet vinyl pressings along with excellent to just fair sounding recordings. Like most it's still a gamble and just because its a Japanese pressing does not insure excellent results all the time.

Some of the Japanese pressings of Jazz on such labels as Verve and Blue Note are sonically great recordings. However, those of pop recordings are mixed. I like Japanese pressings of original European recordings such as 70's progressive rock. Those of original American recordings are usually thin, compressed, bass-shy, and bright. I hate these things and don't know why they have gotten the reputation they have as superior pressings. Maybe the difference is the quality of the masters sent to Japan.

Rlawry is correct:
I have many Japanese pressings, the 60's Jazz Verve and other jazz are very good, whereas the pop/progressive have very quiet vinyl formula, 2nd generation master tapes are used and the pressing lacks the spacial detail found in, say, the original UK pressing. Example: Yes Fragile: the U.S. pressing is noisy, distorted, harsh. the Japanese version, while quieter, has a flat sterile presentation and inner groove distortion. The original UK pressing has no distortion, lots of spacial information, warm, detailed, non-fatiguing. I have the exact same experience with almost all UK prog. rock recordings.

the universal japan pressings i've bought are all incredible. the closest thing to the originals i've yet to hear.....quiet and well made as well. the Steely Dan-Aja release is much better than the domestic cisco release. jimi Hendrix/Axiss....all the Nick Drakes....Rolling Sones, etc....all superb, if a bit pricey.