In difficult conditions at Chambers Bay, where Patrick Reed and Masters champion Jordan Spieth are tied for the lead on five-under-par, the cut mark was set at five over.
World number 15 Matsuyama finds himself in tied for 21st on one-over, after following up his first round 70 with a 71 on Friday to be six shots behind the leading pair.
"If I can reduce the mistakes that I made over the past two days, I still have a chance," said Matsuyama after his round.
Playing in his first tournament as a professional, Pan is two shots further behind tied for 35th place after rounds of 71 and 72.
That, however, is where the good news ends for the Asian contingent.
Fujito Hiroyoki narrowly missed the cut on six-over, while his Japanese compatriot Kawamura Masahiro was another shot further behind. It was a disappointing result for the world429 Masahiro, who carded an even-par 70 on Thursday but followed that up with a 77 on Friday.
Also on seven-over are Anirban Lahiri and Liang Wen-Chong, while Thongchai Jaidee was another shot further behind after rounds of 71 and 77.
World number 50 An Byeong-Hun, Ryo Ishikawa and Shiv Kapur were all on nine-over, with Gunn Yang on 10-over and Sonodo Shunsuke another shot further behind.
Baek Seuk-Hyun finished a disappointing 16-over after rounds of 74 and 81, while Alex Kim finished in last place of all the players to have completed two rounds. The Korean ended on 26-over after carding 80 and 86.