Two schools of thought here. Modern thinking, including Toyota's, is that parts like tensioners and water pumps should be replaced when needed, not at a certain intervals hence they aren't on the service schedule. Plenty of LS400s in the US are running on original water pumps with 150,000+ miles on the clock.
Old school is that water pumps may only last 120k miles, and the cost to replace is the biggest expense so get it done at the same time as the timing belt.
No right or wrong answer here but at least the LS water pump doesn't suddenly fail, you get a long warning either by increased noise or weeping fluid.