You can keep both. However, there are implications involved should you decide to pursue US citizenship.
First about Japan:
The Japanese government turns a blind eye regarding dual citizenship. Unless you formally declare that you choose US citizenship over your Japanese citizenship, there is little if anything the Japanese government can do.
The Japanese government does not ask any questions at the airport about stamps in your passport. In fact, now in Japan the passport checking is increasingly done automatically （自動ゲート, 顔認証ゲート）。Many Japanese have dual citizenship and they have no problems flying between the two countries.
Lastly, the Japanese government doesn’t just “press a button” when you naturalize as a citizen in another country, rendering your Japanese nationality null and void. This is all nonsense that is perpetuated again and again by those who know little if anything about the process. (More on this in my link below.)
Hidesato Sakakibara's answer to How difficult is it for a foreigner to get Japanese citizenship?
About the United States:
While the US does not disallow dual nationality, be informed that at the same time the US does NOT recognize dual nationality. Therefore, should there be a war or some situation where Americans are not allowed to leave or are required to do military service, you cannot simply wave your Japanese passport on the way out thinking you are utilizing your Japanese citizenship, saying “sayonara baby” while blowing the US a flying kiss! As far as the US is concerned, it is as if you have no other citizenship, so you won’t be going anywhere that easily.
Also note that as a US person (citizen or permanent resident, aka green card holder), you are obligated to file and pay (if necessary) taxes to the US government on ALL your worldwide income. The tax deferral is for earned income only, and does not include investments, rental income, etc. Should you not do this you will really be in “deep shit”, to put it very bluntly and mildly. FATCA and FBAR will apply to you.
Individuals Filing the Report of Foreign Bank and Financial Accounts (FBAR)
The above links are only given as a reference. I strongly recommend that you do your own research as well as speak with an international US tax advisor about this should you plan to leave the US or have any assets outside of the country. (Assets include real estate, BTW.)
Next, should you plan to return to Japan, and then want to renounce your US citizenship (which is very common among Japanese, BTW), then it will be necessary for you to go through the entire renunciation procedure. This can take one year or more. Also it is not free. The cost, as of this writing, is $2,350. On top of that, depending upon your worldwide wealth as well as income, you may need to pay an Exit Tax (Renounce U.S., Here's How IRS Computes 'Exit Tax'
) of about one third of the value of all your global assets. If you are married, including same sex partnership,（同性婚、同性パートナー証明書、公正証書), your spouse may be involved as well.
If you are a permanent resident (green card holder), and wish to relocate outside of the US permanently, note that your green card will expire for immigration purposes only. However, you will still need to file and if necessary, pay taxes, to Uncle Sam. FATCA and FBAR will still apply to you.
To be free of this, you will need to renounce your green card status. However, for green card holders, this is free, according to the people I have helped do this. Also renouncing your green card will be much simpler than renouncing your US citizenship. Please be aware of this. (However, depending upon your length of time in the US you may still be required to pay the Exit Tax. Reverse Immigration: How IRS Taxes Giving Up Green Cards).
Note that US persons are openly discriminated against internationally as far as opening foreign bank accounts, securities accounts, etc. This is due to FATCA and FBAR, which were designed to keep Americans and their money at home (and not for reasons given such as catching rich tax cheats).
In this day and age, more and more information sharing is being done between financial institutions in different countries. A lot of it is done computer-to-computer. Should you, for example, have an account abroad and not tell the US government and the IRS finds out, the financial consequences can be horrendous if not ruinous. Due to the fast increase in technological capabilities, what information may be safe today may not be safe tomorrow. Thus you may be able to “get away with” hiding assets today, but not tomorrow. Be aware of this.
As mentioned earlier, I strongly advise that you do your own research on the topics I have covered above, and, if need be, meet with professionals who can give you the proper advice.
Being a US citizen has its benefits, but, unlike other nationalities, also carries with it a lot of ramifications that many are unaware of when they take their oath of citizenship. Please be fully aware of what you are getting yourself into, and be certain if it is the right choice for you.
ご検討のほど、よろしくお願い致します。
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