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This paper analyses how value change and economic and social change have jointly affected fertility in Japan since 1950, and especially since 1973 when fertility resumed declining after some 15 years at near-replacement level. The resumption of fertility decline since 1973 has been driven primarily by underlying economic and social changes. Value change has tended to lag behind fertility change, and this lag has tended to be larger in Japan than in other advanced nations, primarily because underlying economic and social conditions have evolved more rapidly in Japan, and because it takes time for values to adjust to changes in underlying conditions. Because of Japan's high degree of cultural homogeneity, values tend to be widely and quickly shared, so that under certain conditions value change tends to occur in spurts. In Japan, many of the more important value changes affecting fertility in recent decades are bound up with major educational and job gains by women, which have led to greater economic independence and more emphasis on values of individualism and equality between the sexes.