Since the collapse of the Japanese bubble economy which began in 1989, many authors have written a lot of books on the problems of the banking system in Japan. Yet few authors have analyzed the problems concerning the Japanese Banking Law, which lead the populace to the lack of knowledge on it. Considering this, this paper introduces some critical issues of the Japanese Banking Law since its revision in 2005, and analyzes some legal problems which might possibly be raised in the practice of the law. The Japanese Banking Law was revised on a large scale in 2005 by introducing banking agencies system. In this system, instead of banks, general enterprises such as department stores, travel bureaus, hotels, convenience stores etc could enter into the banking business by getting the green light from the government. As agencies and mediators, they can practice the conclusion of the contracts in the typical service areas of the bank: deposit, loaning, and exchange transactions. On the other hand, the collateral business of the bank can be done without getting any permission from the government. However, if there are some legal restrictions in other related laws and regulations, the general enterprises that want to act as the agencies of the bank should get the permission to enter into this business, according to those laws and regulations. In connection with aforementioned legal changes, some exceptive legal clauses on the agency of the foreign banks were introduced in the Japanese Banking Law in 2008. Since then, these exceptions began to be applied correspondingly to the branches of the foreign banks. Moreover, the ban on the sales of insurance by the bank windows was lifted completely in 2007. Accordingly, the staffs of the bank are required to enhance their knowledge of the insurance law, so that they can explain the insurance-related services. Furthermore, the firewall restrictions among securities companies, banks, and insurance companies were eased in 2008. Finally, alternative dispute resolution (ADR) system was established in Japanese Banking Law, and the Japanese Bankers Association was designated as an authorized institute of the dispute resolution in 2010. The ADR is now expected to gain widespread acceptance in the practice of the banking business, alongside the settlement of the legal disputes in the existing law courts. Based on the aforementioned recent legal changes, this essay elucidates some legal problems which might probably be raised in the practice of the Japanese Banking Law.