Yes, I can confirm that's it's bonafide Japanese. It is one of my very favorites, too, but it's really difficult to understand what they're saying more than half the time. Mike Myer's, who is the host says stuff like, "Let's begin," or, "oh, that's too bad," and a some other words I recognize, but don't make any sense in their context.
The first question he asks everyone is how many keys are on a piano. "Nana ju, hyaku, ka hachi ju hachi?" (70, 100, or 88?) The other questions don't make any sense to me and neither does the rest of the skit. One, my Japanese isn't fluent and two, they talk in jibberish it seems A LOT. Jibberish + Japanese is not easy to decipher. Sore de, owarimasu. Oh, and Go UTES!