I had a similar issue which was cured via replacing the brake master cylinder. I’ll go through my scenario to help others with similar symptoms....
I recently purchased a FJ60 after wanting a Landcruiser for years. Immediately took it, via a tow, to my local shop after purchasing since the alternator died on the drive home. Had a fair amount of additional work done, biting the bullet since I have absolutely zero mechanical experience. Landcruiser Specialists had it running nice and smooth for me after a full run through. About 200 miles after getting it back the brake light went on and stayed on. Not knowing any better, I thought the brake light was merely and indicator of whether or not the parking brake is on/off, and was oblivious to the idea it could also be warning of low fluid or pressure in the brake system (I think?). Yeah, when I say zero mechanical experience I meant it literally. Anyways, some time after the brake light flips to always on (maybe another 100 miles) the brake pedal goes super soft and has to be pressed nearly to the floor before anything happens. Brakes still worked but pretty sketchy with very little power, and only after a looooong press on the pedal. The parking brake was fine.
After seeing a few other threads the brake master seemed like a likely culprit and a relatively easy fix. I went with the new Napa brake mastery cylinder as others suggested. Very satisfied with this product, it appears to be identical to the OEM it replaced, and only $70. Loosening the brake lines from the master was tedious but manageable. Liberal and frequent applications of knock‘er loose helps, and I also used some groove lock pliers to clamp over the wrench to prevent slipping. I highly recommend doing both if your lines are potentially seized or rusted on.
The upper bolts to remove the brake master are easy to get off, but one or two of the lowers are best accessed with an offset wrench. After getting stuck here I picked up
this set from Amazon which is an awesome value and high quality. Bench bled the master using trigger clamps which was an absolutely fine substitute for a vise. Bolted the new master on along with the original LSPV, and after getting the hoses back on a friend helped me bleed the brakes.... and then good as new! Brakes are firm and flawless now. Thanks to all the info here that made this possible!