This subject observation system comprises: an LED (43); an optical sensor (44); an imaging unit (13); light source control units (41, 42) which cause the LED (43) to alternately perform low-intensity illumination and high-intensity illumination at an intensity ratio RI (L/H) while a current value during illumination with high intensity is fixed; and a video processor (20) for generating an HDR image, wherein, on the basis of the intensity ratio RI (L/H) and a sensor value S(n-1) of a temporally-preceding (n-1) frame, a target sensor value S(n) for a temporally-subsequent n frame is set.
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