ZGC, included in JDK 11, has a 1ms average pause time and 4ms max on some demanding benchmarks, and they're now targeting 1ms max pauses.
[1]: I prefer saying Java platform rather than JVM, because a program written in Kotlin shares over 90% of its infrastructure code with a program written in Java (not including the OS), and the JVM constitutes only about 20% of that.