This paper surveys the discussions concerning the Japanese financial system. After summarizing the conceptual framework for analyzing financial systems, I review the dispute on the role of the 'artificial low interest rate policy' in the rapid growth era. Then, I look back in turn on the setback of the financial system reform of the 1980s and the banking crisis of the 1990s. Unfortunately, the survey exposes that few Japanese scholars have had a significant influence on making policies for the financial system. In a final remark, I insist that it is necessary to reform both the Japanese financial system and the system of research on it.
