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Why doesn't Japan just divide the Yen by 100? 
Another possibly significant issue, is that the number ten thousand is very important in the Japanese language.  In Japanese, you count in ones, tens, hundreds, thousands, ten thousands, BUT instead of a 'hundred thousand', you have ten ten thousands.  and then one hundred ten thousands, and then a thousand ten thousands.   The ten thousand yen note, equivalent roughly to the $100 bill, is the main base of Japanese currency.  If you go to the bank, for example, you will almost always take out your money in ten thousand yen notes.   Knowing a little about the language, i would say it would become quite strange and un-natural to suddenly start using a hundred as the main note value.  I doubt the Japanese people would ever even consider that, and my guess is the only people who are even put out by the large number of zeroes are foreigners who are used to dealing in dollars and cents.