The Japanese Quasi-Zenith Satellite System (QZSS) has recently (October 2017) reached its first 4-satellite constellation. In this contribution, the standalone performance of this 4-satellite QZSS constellation is assessed by means of its triplefrequency (L1 + L2 + L5) real-time kinematic (RTK) integer ambiguity resolution and precise positioning capabilities. Our analyses are carried out for data collected in Perth, Australia, and include a study of the noise characteristics of the QZSS code and phase data, particularly concerning their precision, time correlation and multipath. Our results show that while the phase observations on different frequencies are of similar precision, the code observations on different frequencies show considerably different precisions and can be ordered, from high to low, as L5, L2 and L1. As to positioning and ambiguity resolution, we demonstrate that the Position Dilution Of Precision (PDOP) and the Ambiguity Dilution Of Precision (ADOP) exhibit complementary characteristics, both of which are important for predicting precise positioning capabilities. We show that despite the large PDOPs, the ADOPs are sufficiently small to indicate (almost) instantaneous successful ambiguity resolution. This is confirmed by our empirical data analyses, demonstrating that instantaneous ambiguity resolution is feasible, despite the relatively poor 4-satellite receiver-to-satellite positioning geometry over Australia, thus showing that already now centimeter-level stand-alone QZSS positioning is possible with the current 4-satellite constellation (February-March 2018).