Since 2000, I have been coordinating a web based virtual exchange project, Project Ibunka. Ibunka means different cultures in Japanese. It aims to provide opportunities of authentic interaction among EFL/ESL learners all over the world. The project has been giving English language learners from various countries opportunities to use English for authentic purposes and promote intercultural understanding. Since 2000, more than 6,000 students from 22 countries have joined the project. The long life, the regularly appearing cooperative partner teachers, the diversity of students' cultures, and the high quality of the messages exchanged, are the assets of Project Ibunka. This paper, as a case study of virtual exchange, overviews the background and the project constitution as a whole. It also analyzes the project management and students' written products. The three administrative features, (1) non-unified project goals for partner institutions, (2) selecting and sequencing themes and sub-themes, and (3) moderation by experienced instructors, have contributed to students' quantitative fluency as well as their qualitative improvement. [For the complete volume, "Virtual Exchange in the Asia Pacific: Research and Practice," see ED610332.]