If it wasn't cost effective, why would there be French or German channels in Asia or all over the world, almost only for tourists ? (e.g.
TV5 is a worldwide French channel showing a selection of French, Belgian, Swiss and Quecec TV programmes).
Btw, is there also so few Japanese channels in the States ? I mean, the US has about twice as many Japanese in the US as in Europe, but in Europe they are concentrated mainly in Western Europe, on an area 5x smaller than the USA (what's more, a high percentage of Japanese in the US live in Hawaii, far away from continental satellites).