Confirmed: Godzilla will attack Japan

Could also be one of the Asian themed towns/streets in California.

Isnt the power plant getting destroyed in the trailer also in Japan?

You don't see many origami cranes in US households.

Dupoo4 is right look at the roofs of the building. It's like a Japanese style house.

The movie takes place in Japan, Hawaii, and San Francisco. Toho made it a contractual requirement for 1/3 of the movie to take place in Japan.

Things I've gathered from various articles:

Hokkaido - MUTO attacks nuclear power plant (15 years prior) - reactor scenes 

Hawaii - Godzilla's first appearance - tsunami clip

Las Vegas - MUTO(s) wreck town 

San Francisco - Godzilla vs. MUTO(s) - HALO jump clips, airport clips, flares

RF-It could also be Godzilla wrecking Las Vegas.