This thesis project aims to investigate the causes of identity crisis experienced by young males living in contemporary Japanese society which is characterized as postmodern or matured society. In order to examine the causes, this project focuses on the interrelationship between the constitution of a person and a modern value foundation regarding time as an important resource of values and meanings and praising rational usages of time. As a methodology, I conducted qualitative interviews with nineteen Japanese males in the summer of 2004 and analyzed the content of the interviews in the fall 2004. The results of the analysis show that the ironical conflict between the purpose-oriented nature of a modern individual and the postmodern social condition in which people tend to have difficulties in creating an authentic purpose causes the identity crisis.