This paper investigates morphological variation in Japanese compounds by focusing on the Sino-Japanese expression hoodai (‘at will’) as used in contemporary Japanese and tries to relate the interesting properties of hoodai to its historical development. This expression cannot be used as an independent word in a sentence, nor can it be used as the left-hand element of a compound. In other words, it is used productively like a suffix in contemporary Japanese. In older Japanese, however, this form was used as a noun. This paper explicates the properties of hoodai and presents the following findings: (i) hoodai strongly prefers a native Japanese word as the word directly preceding it in contemporary Japanese, although it is a Sino-Japanese expression; (ii) hoodai was a noun in the fifteenth century, but it seems to have lost its word status and to have come to be used like a suffix in the latter half of the 19th century; (iii) hoodai can be considered to be still a word in contemporary Japanese on the basis of the notion of “compound-specific submeaning,” and expressions of the form X-hoodai are compounds rather than derivatives; (iv) hoodai is an example of grammaticalization involving a cline with respect to compounds; (v) the notion of “compound-specific submeaning” plays a role in making a finer distinction between hoodai and itiryuu, etc., and in showing that hoodai is more grammaticalized than the latter words.