Well, this is an interesting development. Toho has announced that they'll be making their own sequel to this year's hit relaunch of the Godzilla franchise, this one due in 2016 — two years before Sony's official U.S. sequel is due.

According to THR:

"This is very good timing after the success of the American version this year: if not now, then when? The licensing contract we have with Legendary places no restrictions on us making domestic versions," a Toho staffer told The Hollywood Reporter.

...

Although Toho concedes it can't match $200 million Hollywood-size budget, advances in CG will allow it to create a film that can stand alongside such productions, according to a release from the studio.

THR also mentions that Toho will form a Godzilla Council (nicknamed "Godzi-Con" because Japan) which pretty clearly implies that they have some major plans for the big G, which will presumably include a movie franchise, not just a one-off. I'm guessing that rather than try to force their movies into the American canon, they'll just create their own Godzilla universe, spinning off from the original movie, but anything is possible. Hey, at least this means we're getting more Godzilla, and sooner than we thought.