Based on the weak form Assumption of E. Fama, this study econometrically examines the price efficiency of main vegetables transacted at nine wholesale markets of Tokyo Central Wholesale Market using time series analysis. The duration of the study (1989-2004) is divided into two periods, in which the price formation of wholesale market is different, and comparison analysis on price efficiency is conducted. Two-Step Estimation Procedure for Dynamic Modeling suggested by Engel and Granger (1987) is applied as the analytical method in the study. According to results of the analysis, at Tokyo Central Wholesale Market, where negotiated transaction was considerably developed, the price behavior was confirmed that price might recover from external shock and price stability was stronger than before from a perspective of long-term equilibrium, although there was price change in a short term due to changes in quantity of arrival. The analysis results also indicate that spatial price integration (equilibrium) among central wholesale markets in Tokyo was strong. It could be concluded that the price formed at wholesale markets was efficient, since it functioned to reach equilibrium at time as well as at space.