The changes in financial supervision theory explained the necessity of the reform of the financial supervision. Since the late 1990s，Japan accelerated the reform of financial regulatory system，established the high centralized financial supervision and promoted the financial innovation as well as flexible regulatory mechanism. And the financial supervision system reform was the game result between the government and financial institutions；it not only adapted to the domestic and foreign financial environment evolution and fully showed its positive effect in the global financial crisis in 2008，but also provided the beneficial reference for our future financial liberalization and financial supervision system reform.