While I don't have any info, I wonder if the Japanese are trying to incorporate rebreather technology for the life support system. Rebreather rigs predate scuba by several years. When we inhale, the air is roughly 20% O2 and 80% nitrogen. When we exhale, it's about 16% O2, 4% CO2 and 80% nitrogen. A rebreather rig absorbs the CO2 and adds just enough oxygen to make up the difference, allowing you to "rebreathe" the air several times. These units are very popular with Special Ops units like the SEALS because they don't give off any bubbles and you can stay down a lot longer, but they have depth limitations, or at least they did in the past. In one of his early books, Jacques Crosteau (sp?) wrote of how he went into convulsions when he dove too deep (approximately 60 feet, IIRC). That incident led him to codevelop the Aqualung (SCUBA tank). I've read that modern rebreathers allow divers to go much deeper (400-1000 feet in tests).

Fighter pilots don't wear pressure suits as a rule (too restricting and seldom needed) but some wear what are called "partial pressure" suits for high altitude flight. Japan flies F-15Js that are capable of very high altitudes, so their pilots may wear these suits. I don't know if they do or not, nor do I know if Japan makes their own or buys them. IIRC, they do have a lot of experience with deep sea diving and some of the factors for space suit design are similar, at least in concept.

The image with the article didn't show much detail but it looked like it was some sort of hard shell suit. Modern composites have a strength to weight ratio several times that of steel, so it's possible to build a pretty lightweight shell that would also be impact resistant to micrometeoroids. I don't know about how they propose to handle the temperature extremes but technology in batteries and heating/cooling techniques has advanced quite a bit since the 1960s.

The proof is in the doing. I'd love to see what they're proposing in detail and to see the results of thermo-vacuum tests under lunar conditions. Even if the suits came in at 30-40 KG, they could be a big advance over the Apollo era suits. How they propose to handle lunar dust isn't clear, but it's a major design concern.