Fifteen studies (7 randomized controlled trials, 8 observational studies) were included in this systematic review to determine the efficacy and safety of raloxifene in treatment of postmenopausal Japanese women suffering from osteoporosis or osteopenia. Qualitatively, majority of studies reporting on pertinent outcomes of interest demonstrated significant increase lumbar spine bone mineral density from baseline, low overall vertebral and non-vertebral fracture incidence, and significant changes from baseline in bone-specific alkaline phosphatase and type 1 collagen N-telopeptide levels during treatment with raloxifene. The quality of the current body of evidence is substantially limited by the availability of only one placebo-controlled randomized trial, however.