Mild disagree on your first sentence: It has featured prominently in several TV profiles of local artists, including in self-aware commentary by artists about the aesthetic values they are aiming for. It's entirely possible that a Japanese person might not be familiar with it, in the same manner that baroque might be a baroque reference to many Americans, but my impression is that it is well within the realm of 常識. My wife (Japanese) was surprised when I asked her to confirm that.

I do agree that it gets thrown about as The Essential Guide To The Monolithic Japanese Art Tradition quite frequently on the other side of the Pacific, though. (Those are sarcasm caps.)