Hey Guys, new to the forums (Kind of. Registered years ago but forgot the username and password but never posted!)
Anyways, I write tutorials (C++) over at Epic Games for Unreal Engine 4 and help people out on the AnswerHub and work on projects all the time with this Engine. I've done so for quite some time now. Why am I telling you this? Because hopefully I can provide a little insight on what you're seeing and why.
The reflective properties on Ryo's Jacket is just the material. The material hasn't been properly adjusted yet and even so let's not forget about the lighting that goes into a scene. Typically it's something you'll want to play with over and over again until you can get it just right. I'm assuming they're going to have a day to night cycle and that means a scene will have dynamic lighting. This can effect a material whether it's on a character, a static mesh actor( Think of an object) or general decals (assuming they want them lit or not.). This means it will constantly be tweaked from now until release.
The jacket will probably be toned down abit but it is obvious that they're still experimenting with the lighting. They're also not utilizing any Post Processing at the moment and if they are it's only for a slight color node but I don't think they're using any in the second and fourth screenshot. I think it goes without saying that this will change and right now they're experimenting with an engine that they probably never used before so it takes abit of time and energy to figure these large frameworks out.
It's an exciting time for all of us as Shenmue fans and of course we want this to be the best it can be but try to remember that this project is going to see alot of changes from now until release.