It is. But it's also the kind of film you don't really watch again.
Totoro is awesome by the way. It has actually been localized. Personally I always watch the English versions of Miyazaki films because the voice-work is generally well done and lip-sync issues don't bother me so much in animation - live-action dubbing though is a heinous crime.
I remember reading somewhere that Miyazaki himself actually preferred the English dub of Howls.
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