Yes. That is not a good sign. The occluded branch growth, the tight crotch and the weeping canker all spell some sort of rot occurring. How unhealthy and unsafe the tree actually may be difficult to tell from just photos. Suggest you hire a certified arborist to come out and look at the tree, diagnose problem fully and make suggestions. Removal is a distinct possibility.

Do not just ignore. It could become a liability.

I agree with GardenGal. In addition to what she said, there's bugs eating the tree. Notice the fresh sawdust.
I'd enjoy the Fall color and then cut it down.
Mike

Mike, I think the sawdust is the result of the removal of that occluded branch going off through the middle - the cut looks fresh :-)) Nevertheless, this tree is not in good shape........sorry.

Yes, Pam, I see it now as a fresh cut. I wondered where that branch went. Duh.
Thanks.
Mike

thanks for your help....I love the tree and it anchors the corner of my house. I will try to post the results when the arborist gets in.

That extra smaller branch looks like a trouble maker. I can imagine myself out there with a dremel tool trying to remove it and clean uo any loose bark.

Good news is this is a Japanese maple and if it fails they are not typically large enough to create an insurance claim! My bet is the arborists tries to clean up that rotted area and see if the tree has enough vigor to encapsulate it. I think I see the bark regrowing further down in the photo. If he suggests any type of sealer I would be curious as to what it is. My understanding is that stuff is more hopes and dreams than science even if it obviously would benefit from a cure rot cure.