Great news! I found what the 'problem' was!
It turned out that "Microsoft IME has upgraded to a new version, but not all features are compatible with it". It appears that the keyboard layout registry edit is one of those incompatible 'features'. Returning to the previous version of Microsoft IME, restoring default settings and restarting my computer did the trick for me.
To return to the previous version and restore default settings:
- Open the Windows settings app.
- Search for and open "Japanese IME settings".
- Open the "General" category.
- Scroll down to the "Compatibility" heading (near the bottom).
- Toggle "Use previous version of Microsoft IME" on.
- Scroll up to the "Default settings" heading (immediately above).
- Press the "Restore" button.
And finally, restart your computer.
If you are having trouble with the search bar in step 2, instead:
- Open the "Time & Language" category on the settings home view.
- Open the "Language" tab on the left sidebar.
- Scroll down to the "Preferred languages" heading.
- Select "Japanese" and press the "Options" button.
- Scroll down to the "Keyboards" heading.
- Select "Microsoft IME" and press the "Options" button.
And then return to step 3 above.
OS: Windows 10 Pro 2004 (build 19041.488).