OK, JTWC have issued a TCFA for this system. However first I'd like to draw people's attention to the ECMWF model run. This has consistently been calling for a monster to form and head west. At the moment they are calling for landfall on central Taiwan as a category 20 storm!!

Here's the JTWC TCFA text:
WTPN21 PGTW 112000
MSGID/GENADMIN/NAVPACMETOCCEN PEARL HARBOR HI/JTWC//
SUBJ/TROPICAL CYCLONE FORMATION ALERT//
RMKS/
1. FORMATION OF A SIGNIFICANT TROPICAL CYCLONE IS POSSIBLE WITHIN
A 180 NM RADIUS OF 18.4N 135.3E WITHIN THE NEXT 06 TO 24 HOURS.
AVAILABLE DATA DOES NOT JUSTIFY ISSUANCE OF NUMBERED TROPICAL
CYCLONE WARNINGS AT THIS TIME. WINDS IN THE AREA ARE ESTIMATED TO
BE 20 TO 25 KNOTS. METSAT IMAGERY AT 111730Z INDICATES THAT A
CIRCULATION CENTER IS LOCATED NEAR 18.4N 135.3E. THE SYSTEM IS
QUASI-STATIONARY.
2. REMARKS: THE AREA OF CONVECTION PREVIOUSLY LOCATED NEAR 18.6N
136.0E IS NOW LOCATED NEAR 18.4N 135.3E, APPROXIMATELY 630 NM
SOUTHEAST OF NAHA, OKINAWA. ANIMATED ENHANCED INFRARED IMAGERY
DEPICTS SUSTAINED CONVECTION NEAR A WELL-DEFINED LOW LEVEL
CIRCULATION CENTER (LLCC) EVIDENT IN THE 110858Z QUIKSCAT PASS.
EARLIER MICROWAVE IMAGES (110907Z SSMI AND 111113Z SSMIS)
VERIFY CONVECTIVE BANDS WRAPPING TOWARD AN ORGANIZING LLCC.
THE DISTURBANCE LIES ON THE EASTERN PERIPHERY OF AN UPPER LEVEL
ANTICYCLONE, WITH MODERATE VERTICAL WIND SHEAR AND STRONG
DIFFLUENCE ALOFT. HOWEVER, VERTICAL WIND SHEAR IS EXPECTED
TO DECREASE AS THE UPPER LEVEL PATTERN REORIENTS WITHIN THE NEXT
24 HOURS. MAXIMUM SUSTAINED SURFACE WINDS ARE ESTIMATED AT 20 TO
25 KNOTS. MINIMUM SEA LEVEL PRESSURE IS ESTIMATED TO BE NEAR
1004 MB. GIVEN THE IMPROVED LLCC, SUSTAINED CONVECTIVE SIGNATURE,
AND INCREASING SATELLITE INTENSITY ESTIMATES, THE POTENTIAL FOR
THE DEVELOPMENT OF A SIGNIFICANT TROPICAL CYCLONE WITHIN THE NEXT
24 HOURS IS UPGRADED TO GOOD.
3. THIS ALERT WILL BE REISSUED, UPGRADED TO WARNING OR CANCELLED
BY 122000Z.
//