I probably heard too many bad things about the F-2 being "a larger merely improved F-16". Heck, even Richard Aboulafia Teal group said that. Which doesn't mean they are right.
well the problem with the F-2 is that its heavier, but has more or less the same thrust as the F-16.
its development was incredibly political
From the US perspective
they said Japan needed to do more to counter the Soviet threat
and the Japanese building their own original idea wouldn't be good, as they thought it would be an expensive, inferior, and low production rate aircraft. So they pushed them to basically Japanize an existing US design
From the Japanese perspective
what they wanted was a modern follow on from the F-1 that was twin engined to do some AshM missions like the F-1 did.
their idea was some kind of aircraft that looked like an F-18 but a delta-canard.
They felt that the US was pressuring them in order to have more aircraft to stand up to the Soviets
but it couldn't be their own domestic idea. must be an American one because the Americans were afraid of the Japanese surpassing them in combat aircraft as well.
Keep in mind this was the 1980s, when a lot of Americans feared Japan's economic might and technological advances.
This left a strong sour taste in Japan when it comes to collaborating with the US on certain major defense issues.
Now in regards to the KF-21.. I believe what Japan really wanted was the F-22. It seems they really believed the US would allow it for export, but that never happened. By the time it was obvious, it was already the mid 2000s (2010s?).
Probably too late to make a 5th gen from scratch at this point, and they needed to start thinking of the 6th generation as anything they would do would end up flying in the late 2020s or 2030s anyways.
a KF-21 design might be too small and not what Japan wants, which is something larger.