Japan introduced the Defined-Benefit Corporate Pension Act and Defined-Contribution Corporate Pension Act in 2001. Did this liberalise Japan's corporate pension system? This article based on the Comparative Capitalism Perspective endeavours to show that Japan adapted the dualist strategy due to its institutional legacies in the face of economic liberalisation and difficulties. On the one hand, a portion of core workers are maintained for comparative institutional advantages in the global market, and DB corporate pensions are provided for core workers. On the other hand, the number of non-regular workers is increasing to increase flexibility and reduce labour cost, and they usually rely on DC Corporate pensions and public welfare. Therefore, the transformation of the Japanese corporate pension system is dualisation rather than liberalisation.