Judges have no fixed term. Some of the longest serving judges have remained as judges for decades. The haiku poet Kosaku Takii (1894-1984), for example was an Akutagawa Prize judge for 47 years, between 1935 and 1982. The judges select from a shortlist of 5-7 nominees presented to them by Bungeishinju editors, whose founder set up the prize.
In contrast, the Man Booker Prize, a prestigious British literary prize sponsored by a hedge fund, has 5 judges who read more than a hundred novels each from which they select the longlist of 12-13 novels, from these they select a shortlist generally 6, announced about 3 months after the longest, and then finally the winner.
The judges are generally appointed to only judge the prize once by the prize’s advisory committee and are paid about half that of the Akutagawa Prize judges. Occasionally a judge may be on the panel for two years, but that is the exception not the rule. The Man Booker Prize is awarded once a year, not twice like the Akutagawa, in October after the shortlist is announced normally a month before. The Prize is worth more than 15 times the amount its judges are paid.
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