Well, I'd hazard that not even two Hyugas are worth a fully functional STOBAR carrier (which of course liaoning isn't yet), and the izumo is still years away from commissioning.
I think what equation is getting at more is just the impressiveness of the picture rather than making a direct comparison with the JMSDF itself.
My point was that this does not mean Abe and the Japanese leadership are soiling themselves over it. They have seen it coming...and knew well before we saw the pictures what the PLAN was doing in the SCS.
And they are clearly concerned about it, and planning as best they can to counter it. The Japanese have an impressive capability, and have been building up as best they can in response...though they do not have the type of funds that the PRC has thrown at this over the last few years, and cannot keep up in those terms.
I expect the Izumo will commission late this year or early next, and then late next year the 2nd one will be launched. However, unless and until the JMSDF purchases or builds STOVL aircraft like the F-35B, those vessels will not be able to contend with the Liaoning or her future sisters and their J-15s. The Hyugas were never meant to.
Anyway, as impressive as this picture is, I think what this exercise shows is less important than what it doesn't show, that is to say, this picture has 6 modern blue water capable escorts, and an LPD in addition to the carrier, yet it also represents a potentially realistic blue water task force for the near future, and it is realistic because of the burgeoning escort fleet in the rest of the PLAN which allows a formation like what we see here be an operational reality rather than a mere one timer photo op.
And that is precisely the message the PLAN intends. Add a couple of submarines to that mix, possibly both SSNs.
The point is, the PLAN is saying, look here, we can put together this powerful force of vessels into a combined fleet to send where we please, and STILL cover all of our other bases. And unspoken is the obvious plan and intent to not have one or two of those types of forces available, but within 16-18 years to have 3-5 of them.
No one else, outside the US Navy, can definitively say that they are capable of going that far.
The Indians will cap off theirs at three, and that will be impressive. But is will not be five, and their carriers will be smaller (outside of possibly the third one).
The Chinese, in the space of the last ten years, have gone from a brown water Navy to a Navy capable of projecting significant power into the blue water very, very soon.
And the PLAN is ensuring, if other nations didn't already recognize it, that they all cannot help but see it now. These photos tell that story.