The prize is presented annually by the literary magazine Bungei Shunjū and the Society for the Promotion of Japanese Literature.
The prize lapsed after six years, but was revived in 1952 following Kikuchi's death.
The range of recipients was enlarged to honor achievements in cinema, broadcasting, and other fields in contemporary literary culture.
The jury meets in October to consider works published from September 1 of the previous year through August 31, and awards are announced in the December issue of Bungei Shunjū.
[1] The list of prizewinners includes a range of individual and institutional honorees.