On 8/8/12 Nikon released updated firmware for the Nikon J1 and V1 cameras. You can download the firmware updates from these links. If you don't find the appropriate link for your nationality please visit your local Nikon website's download center.
Changes: - The exposure control program used with shooting in Smart Photo Selector mode, or still image shooting mode with Exposure mode set to P Programmed auto or Scene auto selector, has been revised for faster shutter speeds to prevent blurred subjects. - Auto white balance performance has been increased. - Exposure accuracy with ISO sensitivity set to Auto 100–3200, Auto 100–800, or Auto 100–400 has been increased with shooting using the optional Speedlight SB-N5 to photograph subjects at close distances.
The following issues have been resolved. - An error message was sometimes displayed during interval timer shooting, preventing capture of the specified number of shots. - When the camera was turned on by releasing the retractable lens barrel lock on applicable lenses, there was sometimes a slight delay before the shutter could be released.