It is not known whether there has been any casualties or damage.
The earthquake hit at 08.58am local time (0.58am BST).
It struck 73 miles south east of Sapporo, Japan’s fifth largest city.
This was 37 kilometres East of the city of Tomakomai.
The earthquake reportedly too place at a depth of 30 kilometres.
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According to the Japanese Meteorological Agency the worst affected regions on Hokkaido island were Ibui-chiho Chutobu and Hidaka-chiho Seibu.
A 5.3 magnitude quake is classed as “moderate” in strength.
It is likely to “cause damage of varying severity to poorly constructed buildings”.
It ranks as a ‘weak 5’ on Japan’s earthquake intensity scale, which goes from 1 to 7, according to the Japanese NHK broadcaster.
The tremor was separately classified as a 5.2 magnitude earthquake by the US Geological Survey.
No tsunami warning has been issued.
There is no indication of damage to nuclear or coal-fired power plants on the island.
The Japanese transport ministry says New Chitose Airport, situated near Sapporo, is operating normally.
Around 1,000-1,500 earthquakes of this strength take place across the world each year.
On September 6 41 people were killed after a powerful 6.7 magnitude quake hit Hokkaido island.
Another 681 were injured.
At least 220 buildings in the town of Atsuma were damaged, with some being entirely swept away.
The ring of fire is the area around the edge of the Pacific ocean which is highly susceptible to earthquakes and volcanic activity.
It is caused by nine tectonic plates rubbing together.
Around 90 percent of the world’s earthquakes occur within this zone.
The ring also contains over 75 percent of the world’s active and dormant volcanoes.