Not at the moment. I recently picked up God of War Ascension and other than Killzone I think it looks just as good as anything available on the PS4. The big difference will come down to performance. Being able to run AC4 without any framedrops and screen tearing is really nice. In the years to come the next gen devices will obviously out shine the current gen but at launch not so much.
In the last few years there seems to be a belief that Japanese devs are unable to keep up with western devs and/or that Japanese made games are just not as good as western made games. I'm not sure how and why this view took hold but it couldn't be further from the truth. This year alone we got a plethora of great Japanese made games and it makes me wonder why this stereotype exist. I have put together a quick list of just a few of the great Japanese developed games released this year.