I've got the problem solved (for now)...
After actually reading all 14 pages of this thread http://forums.buffalotech.com/t5/Storage/LS-CH1-0TL-Password-Reset/td-p/8102/highlight/true/page/12
maha (post 113) had the correct solution for my problem.
Here is what you do... Get a stopwatch or a clock first.
1) With the device on, disconnect the power cable from the back.
2) Immediately plug it in. The top blue light should start flashing. Wait 75 seconds (blue light on top should still be flashing)
3) Disconnect power cable at 75 seconds.
4) Repeat steps 2 and 3 until the top blue light stop flashing at around 60-65 seconds.
At this point the device is in Emergency Mode.
5) Follow the steps here http://forums.buffalotech.com/t5/Storage/FAQ-2-of-4-Force-Firmware-update-procedure-please-read-this/td-p/11011 to force an update of the firmware (Following steps 1-4 allowed me to not need any sort of password to proceed with the update). I installed version 1.26 of the firmware.
6) Once the firmware update is done. Open your web admin.
Now if your web admin is in Japanese (like mine was at first, follow these steps)
1) Login to the web admin page with user as "admin" and password as "password"
2) View my attached screenshot to get to the system settings where you can change the language.
a) Click the button on the web admin page that is second from the right on the top, black navigation bar.
b) You'll be at the settings tab which is the button on the far left of the lower, beige navigation bar.
c) Expand the 3rd drop down window which is language.
Good Luck. I hope this helps out some other folks.