Although the Japanese government is an early adopter of Circular Economy (CE) policies and developed the concept of the Sound Material-Cycle Society in the early 2000s, its CE policies have nonetheless been poorly researched and understood, especially in English academic literature. This article addresses this research gap by answering the following questions: What are the dominant discourses of key stakeholders in Japan regarding CE? And to what extent does the current CE policy in Japan relate to that? Methodologically, this paper conducted a discourse analysis through a mix of policy analysis, media analysis, stakeholder interviews, keyword mining, qualitative content analysis, and analysis of stakeholder presence. Results show that, while CE discourses in Japan are rather diverse, they mostly fall within the Reformist Circular Society discourse type, with some smaller Technocentric Circular Economy and Transformational Circular Society elements. Results also show that businesses and academics were over-represented in policy meetings and the media, compared to NGOs and local government actors, which are more likely to hold transformational circularity discourses. Most circularity discourses in Japan are thus focused on a growth-optimistic narrative that emphasises innovative technologies and lacks a stronger understanding of social justice and planetary boundaries. Based on these findings, this article suggests recommendations, such as revisiting Japanese ecological thinking and Buddhist philosophy, which can inspire degrowth-oriented circularity approaches, as well as encompassing more participation of neglected societal groups in the development and implementation of CE policies and practices. By highlighting the challenges in current CE discourse and implementation in Japan, this study presents implications for a more socially inclusive and ecologically sustainable path towards a circular society.