An object of the present invention is to reduce the power consumption of a modulation circuit. The modulation circuit includes a load, a diode, and a transistor. An anode of the diode is electrically connected to one terminal of an antenna via the load; a cathode of the diode is electrically connected to one of a source and a drain of the transistor; the other of the source and the drain of the transistor is electrically connected to the other terminal of the antenna; and the transistor is controlled to be turned on or off in accordance with a signal input to a gate of the transistor.