This paper offers an in-depth analysis of the massive political scandal of 2023–2024, in which dozens of lawmakers from Japan’s ruling Liberal Democratic Party (LDP) received undeclared funds from their factions. First, it provides a detailed timeline of the scandal and places it within the broader historical context of political scandals in Japan. Next, it examines the roles and actions of key participants, including power actors (politicians, secretaries, whistleblowers, prosecutors, and the prime minister) and media actors (mainstream newspapers, tabloid magazines, and political papers). Finally, the paper discusses two possible outcomes of the scandal: an optimistic scenario, where the scandal spurs meaningful reforms, and a pessimistic scenario, where it results in minimal or no transformative change.