After the war Japan has experienced frequent land price inflations since the beginning of the 1960's, which saw the first peak of land price hike. Especially, land price hike in the end of 1980's, which is called land price bubble, has caused serious problems on the Japanese economy. Monetary and fiscal policies have been done toward the economic recovery after the bubble collapse. But, they have not worked well. Though some critics doubt the applicability of economic theory to the Japanese land market, we have tried to verify the economic theory by using time series data after the war and time series analysis technique, such as the Error Correction Model. Then we have found that Japanese land prices are basically determined by market fundamentals equation, though influenced by money supply.