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I'm listening to 和楽器バンド (Wagakki Band). They've got a folk punk rock sound that's just awesome.
My favorite Japanese Composer who is also my favorite composer of all time is Yuki Kajiura. I pretty much fell in love with her music from when I 1st heard it from watching the Anime Noir. There's nothing else I can compare it to since Yuki-Sama has pretty much defined her own "style/genre" of music. Her musicians are enchanting and her use of the flute, piano, and violin in the songs she composes are simply wonderful. She has several groups of her own musicians which include Kalafina and FictionJunction.
An example of one of her songs:
I love many musicians/bands from Anime/Video Games overall considering those make up a lot of what I listen to.
Some particular favorites of mine include Ayane, Kaoru Wada, and the Falcom Sound Team jdk who composes for the Ys and Legend of Heroes game series. There are many others I love as well.
mine so far are chelly/egoist & sound horizon, especially when listening to the latter one has made my day more than once and regularly puts my mind at peace. good stuff. seriously so.
I'm a big time fan Ali Project, though you wouldn't know it since at present I only have two CDs: Psychedelic Insanity and 贋作師 (Gansakushi). I've liked everything I've ever heard, but have a preference toward their later stuff (as you might have figured out by what CDs I have).