To be fair, my understanding is that even if Iceland, Norway and Japan took their full quotas it probably wouldn't affect the survival of whales.
My main problem is that Japan hunt in a fucking whale sanctuary, burn tonnes and tonnes of heavy fuel oil getting there from Japan and break the law in other ways (such as last season they refuelled in an areas which are strictly against the law due to their proximity to Antarctica).
Furthermore Japanese taxpayers foot the bill for the hunt each year when their country is in a bit of a financial bind at the moment. Post-tsunami the region which is home to the Japanese whaling fleet gave funds earmarked for rebuilding and recovery to the whaling industry to repair their stuff (a bunch of it was damaged during the tsunami). Note: this was not money donated by people, it came directly from the government, but I'm sure the local residents could have used that $28.5m since it was raised through taxing them anyway.