Magnitude scales based on the amplitude of seismic waves, including the Japan Meteorological Agency magnitude scale (Mj), are commonly used in routine processes. The moment magnitude scale (Mw), however, is more physics based and is able to evaluate any type and size of earthquake. This paper addresses the relation between Mj and Mw for microearthquakes. The relative moment magnitudes among earthquakes are well constrained by multiple spectral ratio analyses. The results for the events in the Fukushima Hamadori and northern Ibaraki prefecture areas of Japan imply that Mj is significantly and systematically smaller than Mw for microearthquakes. The Mj‐Mw curve has slopes of 1/2 and 1 for small and large values of Mj, respectively; for example, Mj = 1.0 corresponds to Mw = 2.0. A simple numerical simulation implies that this is due to anelastic attenuation and the recording using a finite sampling interval. The underestimation affects earthquake statistics. The completeness magnitude, Mc, for magnitudes lower than which the magnitude‐frequency distribution deviates from the Gutenberg‐Richter law, is effectively lower for Mw than that for Mj, by taking into account the systematic difference between Mj and Mw. The b values of the Gutenberg‐Richter law are larger for Mw than for Mj. As the b values for Mj and Mw are well correlated, qualitative argument using b values is not affected. While the estimated b values for Mj are below 1.5, those for Mw often exceed 1.5. This may affect the physical implication of the seismicity.