Previous research appears to state that the establishment of a new moral codex favorable for the development of capitalism during the popular ethical reforms in the 19th century Japan was influenced by factors such as traditional values system and government, popular moral thought and magico-religious dimensions of a vitalistic mindset of new religions. This paper, drawing on the assumption that considers the meaning of religious elements for the advance of the consumer aspect of the development of a capitalist society, suggests a detailed study of magico-religious elements, such as buying charms and believing in practical benefits. Popular ethics should be examined not only as factors promoting production but rather as favorable elements promoting modern consumer ethics as a necessary aspect of a capitalist society.