In the bug #360215 "need root" was added to the termencoding init-script to make it able to run properly with rc_parallel="yes". Termencoding also needs to depend on "after bootmisc" or else bootmisc erases the unicode flag (/lib/rc/console/unicode) set by termencoding. (I only notice this bug when running with rc_parallel="yes".)
Created attachment 269977 [details, diff] Simple patch adding "after bootmisc" to depend() in termencoding
Commit 75722da fixes this issue. Thanks for the report.