The video is a stark reminder that, as was the case when Hurricane Katrina devastated the Gulf Coast in 2005, there will likely be thousands of pets orphaned or involuntarily abandoned due to the catastrophe in Japan. If you'd like to help efforts to help these animals, you can find info on doing so here.
UPDATE: CNN and the UK Telegraph have both reported that the dogs have been rescued since the footage aired, and are both receiving veterinary care; the more seriously wounded dog is at a clinic in the city of Mito, while the protective spaniel-type dog is receiving care at a shelter in the same town.
Here is an English translation of the voiceover exchange between the two reporters in the clip (translation courtesy of Toshiyuki Kitamura):
We are in Arahama area. Looks like there is a dog. There is a dog. He looks tired and dirty. He must have been caught in the tsunami. He looks very dirty.
He has a collar. He must be someone's pet. He has a silver collar. He is shaking. He seems very afraid.
Oh, there is another dog. I wonder if he is dead.
Right there. There is another dog right next to the one sitting down. He is not moving. I wonder. I wonder if he is alright.
The dog is protecting him.
Yes. He is protecting the dog. That is why he did not want us to approach them. He was trying to keep us at bay.
I can't watch this. This is a very difficult to watch.
Oh. Look. He is moving. He is alive. I am so happy to see that he is alive.
Yes! Yes! He is alive.
He looks to be weakened. We need to them to be rescued soon. We really want them rescued soon.
Oh good. He's getting up.
It is amazing how they survived the tremendous earthquake and tsunami. It's just amazing that they survived through this all.