So I placed my bid on the land about 10 days ago and still no word.
According to my agent we need to wait another 2 ~ 3 days for a response.
Overall, I'm taking this as a good sign. If the offer were to insulting low, they would have flatly said "No". Had I been too generous in my offer, they would have said "Yes" and I would have kicked myself for it. So as it stands, I think I came in the right range but I won't know till I get a formal answer. In some cases in Japan, this type of transaction may need to be consulted with other people in the family which can take time for everyone to agree.