Chinese character ? meaning ship(船) was written in the ancient Japanese texts of ?Nihonsyoki(日本書紀)?, ?Fud?ki(風土記)?, ?Many?sy?(万葉集)?, and it was read /??/. It is simply pointed out that /??/ has the relationship with the Korean /p?i(?)/ in the Iwanami’s Oid Japanese Dictionary(岩波古語?典) without any grounds. Therefore, the aim of this study is to examine the relationship between Old Korean /p?i(?)/ and Old Japanese /??/. ? is the phonetic alphabet of /??/ representing for the ? written in No. 894 of Many?sy?. The phonetic value of ??? is assumed to be [ei] from the result of the analysis of several materials, but [ei] does not correspond to the sound of /??/ but to the one of /?e/. Looking from the Chinese phonological point of view, it could be seen through contemporary Chinese poetry that Qi rime(?韻[ei]) and Jie rime(皆韻[?i]) were used as the same rimes during the first era(370-497 years) of the Southern and Northern Dynasties. Because ? was replaced with /??/ during the first era of the Dynasties, it is explained with an example of the Sino-Korean /폐[pj?i]/ that the sound was assumed as [pei]. Looking at these two points of view, the fact that ?/F?/ was written as ? reflects the strong relevancy with Ancient Korean /?([p?i])/.