In the 1993 general election the Liberal Democratic Party lost power for the first time since it was founded in 1955. The coalition government that followed enacted the most far-reaching political reforms Japan has experienced since the American Occupation. The country has now experienced two elections since these reforms so we can begin to analyze trends and dynamics. It is now possible to make a preliminary evaluation of the effects of these reforms. I evaluate the reforms under three headings: (1) reducing the cost of elections and levels of corruption; (2) replacing candidate-centered with party-centered campaigns; and (3) moving toward a two-party system which would produce alternation in power between the parties of the government and the parties of the opposition. In conclude that, with some notable exceptions, the reforms are working well, about as well as should have been expected.