Erased 2
This has such a cinematic flair to it, and not just because of the decision to use different aspect ratios to represent 1988 and 2006/fantasy sequences. (Perhaps inspired by Grand Budapest Hotel? There must be other examples of directors using aspect ratios to distinguish different time periods, but that's what leaps most readily to mind.) The direction is overflowing with creativity, from the reliance on unusual camera angles to sharp, clever scene transitions to effective color work that creates moods and draws the eye to important places on screen. As others have said, up to now Tomohiko Ito's directorial work has been mostly standard, competent but without much noteworthy, but here he's really gone into overdrive. I guess 10 years after serving under Hosoda as assistant director on The Girl Who Leapt Through Time, he's finally decided to flex his muscles?
I was expecting Showa Genroku Rakugo Shinjuu to easily take my favorite spot this season, but if Erased stays at this level throughout it'll likely surpass it.