The Ministry originated in the 6th century, when the Ōkura (大蔵) was established as a state treasury in ancient Japan.

When a modern system of government was introduced after the Meiji Restoration, the Ministry of Finance (大蔵省, Ōkura-shō) was established as a government body in charge of public finance and monetary affairs.

It is said that new ministry employees are subtly reminded that the Ōkura-shō predates by some 1269 years when the new Constitution was imposed on the nation by the U.S. occupation forces in 1947.

[2] In financial markets, the Ministry is famous for its active foreign exchange policy.

Former Vice Minister Eisuke Sakakibara was known as "Mr Yen"[3], whereas his successors Haruhiko Kuroda and Zenbei Mizoguchi were often referred to as "Mr. Asian Currency" and "Mr. Dollar", respectively.