It is classified as shoegaze on RYM, and above all, having participated in Mikugazer Vol. 1, it definitely is shoegaze, but it's a style that fans of the Shimokitazawa scene would enjoy. The sweet, calm vocals give off that lo-fi sensibility unique to the Tokyo indie scene. Since the noise doesn't feel too overwhelming, it seems like a decent gateway to shoegaze. It wasn't really my style, but the warmth characteristic of older music is truly top-notch.
By the way, tracks 2 and 5 are really well crafted.