Despite its vampire titling, I would place this film more in the ghost-story genre (featuring that famous figure of Japanese horror cinema: the creepy, and ever-silent, female, child-like waif).
My short summary is that, in the end, the film does not quite capitalize on the wonderfully eerie mood it builds, but that it is well worth a watch and has some great (and occasionally scary) cinematic moments. (My main complaint is that the film ends up using what I will call the "Scooby Doo" reveal at several points, in that it employs both peripheral and central characters to tell us, in narrative format, the backstory: the who, what, where, when and why. It's a strange choice for a movie that relies so heavily on images and subtle expressions for the first 75% of the running time.)
While some have compared the film to the Hammer offerings, the moral universe here is not quite as "modern" in its themes, as its chief concerns are with familial loss, personal revenge and the ripples of social violence. (Even Hammer's historically oriented offerings-- say, the Witchfinder General or the Karnstein Trilogy-- tend to be preoccupied with much more contemporary themes.)
In terms of aesthetics, my own comparison would be to something like "Carnival of Souls" and, as a result of the really fine cinematography of Kazutami Hara, to something a Hitchcock understudy might have made. (My understanding is that the producers did want something like a Hammer-style vampire movie, but that the director was definitely looking for something in the Hitchcock vein. That might explain the somewhat disjointed style at points.)
Anyway, worth a watch, particularly as there are some really memorably unsettling episodes involving Yuko dispersed throughout the firlm. (The likes of Wei-Hao Cheng and Takashi Shimizu must have studied this film for inspiration.)
A side note: It's never developed enough to warrant extended consideration, but I could not help but notice the role that "the foreign" plays in this film (it's even more pronounced in "Lake of Dracula," the second installment in the trilogy). There are many instances where we learn that various male characters in movie have traveled beyond their homes / overseas as diplomats, to the US on business, in service for the war, etc., and that this contact or travel has unsettled the world in which they live. In at least two instances, this impact of foreign culture / foreign contact becomes very important to the narrative. It's easy to miss, but does some plot-work nonetheless.
