"But Sony cannot own the Japanese language track, Toho does"

Of which films? If you're talking about THE H-MAN, BATTLE IN OUTER SPACE and MOTHRA, Sony (through its ownership of Columbia Pictures) does indeed own the Japanese and US versions of those aforementioned titles. Columbia originally purchased them into perpetuity (excluding Asian territories) in the late 1950s and early 1960s. In fact, Columbia was also a financial investor in producing MOTHRA.