Japanese higher education policy since the 1990s has been more economic-centered and neo-liberal in nature than previous policy and is characterized by both governmentalism and managerialism. It is widely known that operating grants for national universities have been reduced since they became national university corporations. At the same time, government control of private universities has increased, as evidenced by the new framework for providing financial assistance to private universities. Notable trends in Japanese higher education policy can be summed up by keywords such as “financial allocation cutbacks within higher education,” “accountability,” and “assessments”. A 2013 survey conducted by The Promotion and Mutual Aid Corporation for Private Schools of Japan reveals that private universities’ assessments of their own financial situations differ depending on the size, history, location, and fields of study represented at the university and that various inequalities exist between public and private institutions and among private institutions.