According to Japanese TERA Fans translator Meiellink, in an official Japanese TERA blog, the team announced that TERA would see its CB, OB, and release all in the Summer of 2011. TERA Japan will feature the same client as TERA Korea. The tests and retail version of TERA Japan will of course only be open to residents of Japan, however, it is unknown if you will be forced to use a social security number to join in at this time.
TERA Japan's release time schedule is important to Westerners because a few weeks ago, Bluehole Studio CEO, Kang-Suk Kim, stated that the NA/EU testing period will begin one month after TERA Japan's launch. From this information, it appears we are looking at a late 2011 release for TERA in North America and Europe.