That's right. The ATMs in Japan do not charge a per-transaction or a percentage forex fee. The only fee you'll pay for using a US-issued ATM card in Japan is whatever that the issuing bank might charge. If it doesn't charge anything, then there's no fee whatever, and there's nothing for the bank to reimburse if it has a "reimburse the ATM operator's fee" policy. As stated above, there is a small service fee paid by your bank to the ATM operator to cover the cost of connecting into the network, but this small and is designed to be just compensatory and not a profit center in of itself.

Also, I have an interesting effect on my Bank Direct checking account: they have a policy of no network ATM fees, plus a rebate of any fee the ATM charges, up to $2.50/transaction and up to 4 transactions/month. But, they don't appear to have any way of knowing what the actual fee charged by the ATM is. What they've done is assume that all withdrawals are at the very least in $5 increments, so they assume that the amount of the transaction that's above the nearest even $5 value is the ATM surcharge. That works fine in the US, as there's no way to make a withdrawal in smaller-than-$5 increments. But for foreign withdrawals, they apply the same logic. So, for example, if you make a withdrawal in Japan, there's no ATM fee there, and they convert the transaction that's in an even yen amount using the interbank rate, add a 1% forex fee, and that's the US$ transaction amount. Then they apply the ATM rebate policy. So, you end up getting a rebate of anywhere from $0 to $2.50 per withdrawal on the "ATM fee" even though there was none, and it's more or less random each time, based on how the particulars of the exchange rate happen to work out on the day of the transaction.