It depends on what Japan's chosen preference is. Mind that this would be pushing the edge of their range to send a fleet to Hawai'i at the time; one way is roughly 3400 nautical miles from Tokyo to Honolulu. Their ships would be pushing it, especially as some of their maneuvers would be above the most efficient speed. So, yes, they could reach Hawai'i, but if combat maneuvers are required and they engage in combat, some ships are at risk of not making it all the way back.
The question is this: The US was in the midst of expanding its navy; its first ACR was commissioned (later) in 1893, but it was launched two years before. The ABC cruisers were decommissioned this year as well, and the US's first regular cruiser wouldn't quite have the range to make it to Hawai'i and back (even though the distance is 2/3 as far). Also, the first US battleship is being launched in 1893, a month or so after the rebellion.
I'd put it like this: Japan would be sending a sizable portion of its navy to occupy and garrison the islands at the end of a long supply chain. At best, nothing will happen, although they are risking a tit-for-tat conflict with the US, whose own navy is just entering its second stage of expansion. This also raises issues with the Sino-Japanese War; this won't be an one-time operation; there needs to be a local presence kept, and not all forces can be committed to the war proper. If a conflict does break out between the US and Japan, then they will have to shelve Korea... and Korea is far more important to Japan than Hawai'i is. And every ship that Japan loses means that it becomes that much more difficult to win total supremacy over China.
So: Japan risks ships being lost, either by damage or running out of fuel during the trip. Even a ship that doesn't sink may not make it all the way back to Japan for repairs due to the enormity of the distance required. And by doing that, they risk damaging their ability to influence Korea without those additional ships on hand. The Chinese vessels, while having poorly trained crews and ammunition problems, did manage to do severe damage to the Japanese ships at the Yalu River. An even smaller Japanese line may not be able to penetrate the Chinese defenses.
And that goes without saying that things may proceed even more poorly if Japan ends up against China and the US at the same time.
While Hawai'i would be nice, Korea and China are far more important to Japan; they wouldn't risk their ships an ocean away for an island group when they need them to establish dominance in their region. And even an accident or some other mishap could cost them a ship; it wouldn't even be the first one lost at sea in recent memory.
...Although, a question to anyone who does know. Are the Matsuhima-class ship's main guns worth anything in naval combat? Their size on such a small ship, and their rate of fire, implies that they are more of a bombardment weapon. That, combined with their bad engines and relatively slow speed (for the Japanese navy), might make them a little less effective than otherwise intended. They seem to be their mainline ships of the war.