Holes look like localized insect damage......NBD. Weather this fall has played a big role in how JM's are looking. In many parts of the country, fall weather was unnaturally warm, slowing any leaf coloring and attempts to enter dormancy, only to be met with a recent sharp, severe freeze. This resulted in dry, brown foliage that remains attached to the stems rather than the normal coloring and dropping of the still somewhat succulent leaves. Depending on how the tree is sited, this could affect only the most exposed limbs and foliage (the top branches; just one side, etc.) or the entire plant.

In any case, it is not something I would be overly concerned about. Make sure the soil surrounding the tree is adquately hydrated and it should be fine.

Looks like japanese beetle damage to me. Typically they will eat the flesh leaving behind the skeleton of the leaves. You should be concerned as the number of beetles will increase with each year though may vary depending on the weather

Thank you, gardengal. I came here to see if my JM with dry brown foliage still attached was a major problem. Tree is over 50 years old and 3 stories high right outside the DR window and I'd hate to lose it. I'm very encouraged by your post. Thanks again.