Do you know what.....its a shame im 4 years too late for this post

, but i've just had the exact same problem.
So for anyone else who comes accross the pedal sinking.........look underneath straight away and you will see fluid dripping/pouring out somewhere.
Mine was just a hole that had rusted thro in a long brake pipe at the rear of the car.
It runs from 1 back wheel to the other (not the handbrake) and i think the hole appeared due to the heat from exhaust over 16 years or so...its not done that bad looking at it that way.
Waiting for an official quote from Lexus before diving off into making my own brake pipes.
Their 1st idea said its a £30 pipe including brake fluid....i hope thats all it is, but now they want a pic to confirm.
It will save me so much effort in bending my own pipes if it is that £30 pipe - have you saw how many bends the pipe has???
Hope andy swansea didnt but a master cylinder