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After some speculation earlier this year, Naver has finally launched a beta version of their service in Japan:

However, NHN has no intention of missing out on the Japanese search market. And in a rare move in the Internet industry that chews and spits out Web services with regularity, the company is challenging the Japanese market again with the very same brand that failed four years ago.

NHN has been operating a closed beta version of its new Naver Japan (www.naver.jp) since June 15, recruiting a group of 5,000 local Internet users to evaluate the new services. A commercial launch is expected during the next month or August.

Chang has a review of the beta version on Web 2.0 Asia:

Naver seems to have achieved a difficult feat of creating a service that's well localized for the target market, while not losing its home-brewed forte and identity.

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