Hydraulic modulator

To provide a hydraulic modulator which can be further reduced in size. Disclosed herein is a hydraulic modulator (30R) including a motor (37R) including a motor housing (45), a stator (46), a rotor (47), and a motor shaft (48); a power transmitting mechanism (60) for transmitting the power of the motor (37R) to the outside thereof; and a master cylinder (73) having a piston (41R) linearly movable by the power transmitted by the power transmitting mechanism (60). The master cylinder (73) is arranged so as to overlap the motor housing (45) in such a manner that the axis (73a) of the master cylinder (73) is substantially perpendicular to the axis (48a) of the motor shaft (48).