Japan's Toho is to produce its first Godzilla film since 2004, following the success of this year's release from Legendary Pictures, the studio behind the original monster announced Monday.

"This is very good timing after the success of the American version this year: if not now, then when? The licensing contract we have with Legendary places no restrictions on us making domestic versions," a Toho staffer told The Hollywood Reporter.

The Gareth Edwards-directed Legendary version took more than $500 million globally and topped the Japanese box office on its opening weekend.

Japan's Internet giant SoftBank invested $250 million in Legendary in Oct following the breakdown of negotiations to buy DreamWorks Animation. 

Budget, cast and director for what will be the 29th installment from Toho have yet to be decided, according to the studio. Production is slated to begin in summer 2015 and the film will be aimed at the global market.

Although Toho concedes it can't match $200 million Hollywood-size budget, advances in CG will allow it to create a film that can stand alongside such productions, according to a release from the studio.