It actually ends at 11:45, followed abruptly by the rather dark and brooding iku toshi kuru toshi broadcast (a buddhist-themed show). My first new year's eve was rather shocking when the red and white show and all its glitter ended just before 12 and then we got introspective. On the other hand, there is plenty of variety and silliness on the other channels. Another once a year experience is that the trains run all night long, at least here in Kansai, so I assume Tokyo as well. I love the new year holiday. Everyone is relaxed and Japan is peaceful. Though traffic can be awful, especially compared to the old days when everything used to shut down for 3 days.