diff --git a/dist-raw/node-package-json-reader.js b/dist-raw/node-package-json-reader.js
index 1c36501cd..e9f82c6f4 100644
--- a/dist-raw/node-package-json-reader.js
+++ b/dist-raw/node-package-json-reader.js
@@ -5,6 +5,7 @@ const { SafeMap } = require('./node-primordials');
 const { internalModuleReadJSON } = require('./node-internal-fs');
 const { pathToFileURL } = require('url');
 const { toNamespacedPath } = require('path');
+// const { getOptionValue } = require('./node-options');
 
 const cache = new SafeMap();
 
@@ -23,7 +24,6 @@ function read(jsonPath) {
     toNamespacedPath(jsonPath)
   );
   const result = { string, containsKeys };
-  const { getOptionValue } = require('./node-options');
   if (string !== undefined) {
     if (manifest === undefined) {
       // manifest = getOptionValue('--experimental-policy') ?
diff --git a/src/test/regression.spec.ts b/src/test/regression.spec.ts
new file mode 100644
index 000000000..db3c44649
--- /dev/null
+++ b/src/test/regression.spec.ts
@@ -0,0 +1,39 @@
+// Misc regression tests go here if they do not have a better home
+
+import * as exp from 'expect';
+import { join } from 'path';
+import { createExec, createExecTester } from './exec-helpers';
+import {
+  CMD_TS_NODE_WITHOUT_PROJECT_FLAG,
+  contextTsNodeUnderTest,
+  TEST_DIR,
+} from './helpers';
+import { test as _test } from './testlib';
+
+const test = _test.context(contextTsNodeUnderTest);
+const exec = createExecTester({
+  exec: createExec({
+    cwd: TEST_DIR,
+  }),
+});
+
+test('#1488 regression test', async () => {
+  // Scenario that caused the bug:
+  // `allowJs` turned on
+  // `skipIgnore` turned on so that ts-node tries to compile itself (not ideal but theoretically we should be ok with this)
+  // Attempt to `require()` a `.js` file
+  // `assertScriptCanLoadAsCJS` is triggered within `require()`
+  // `./package.json` needs to be fetched into cache via `assertScriptCanLoadAsCJS` which caused a recursive `require()` call
+  // Circular dependency warning is emitted by node
+
+  const { stdout, stderr } = await exec({
+    exec: createExec({
+      cwd: join(TEST_DIR, '1488'),
+    }),
+    cmd: `${CMD_TS_NODE_WITHOUT_PROJECT_FLAG} ./index.js`,
+  });
+
+  // Assert that we do *not* get `Warning: Accessing non-existent property 'getOptionValue' of module exports inside circular dependency`
+  exp(stdout).toBe('foo\n'); // prove that it ran
+  exp(stderr).toBe(''); // prove that no warnings
+});
diff --git a/tests/1488/index.js b/tests/1488/index.js
new file mode 100644
index 000000000..81afa3157
--- /dev/null
+++ b/tests/1488/index.js
@@ -0,0 +1 @@
+console.log('foo');
diff --git a/tests/1488/package.json b/tests/1488/package.json
new file mode 100644
index 000000000..0967ef424
--- /dev/null
+++ b/tests/1488/package.json
@@ -0,0 +1 @@
+{}
diff --git a/tests/1488/tsconfig.json b/tests/1488/tsconfig.json
new file mode 100644
index 000000000..7a37a1fad
--- /dev/null
+++ b/tests/1488/tsconfig.json
@@ -0,0 +1,8 @@
+{
+  "compilerOptions": {
+    "allowJs": true
+  },
+  "ts-node": {
+    "skipIgnore": true
+  }
+}