Itochu Corporation ( 伊藤忠商事株式会社 , previously known as C. Itoh & Co. until 1992) is a Japanese corporation based in Umeda , Kita-ku, Osaka and Aoyama , Minato, Tokyo .
115-481: It is one of the largest Japanese sogo shosha (general trading and investment companies) distinguished by the strength of its textile business and its successful business operations in China. Itochu was ranked 72nd on the 2020 list of Fortune Global 500 companies, with an annual trading revenue of US$ 100 billion. Itochu's business has eight major operational divisions, "Division Company". ITOCHU's Osaka headquarters
230-438: A rescript was issued in the emperor's name (but most likely written by court officials). It indicated his intent to be involved in government affairs. And indeed he attended cabinet meetings and innumerable other government functions, though rarely speaking, almost until the day of his death. The successful revolutionaries organized themselves into a Council of State, and subsequently into a system where three main ministers led
345-785: A 34% stake in Isuzu was seen in 1972, when the Chevrolet LUV became the first Isuzu-built vehicle to be sold in the United States. While the company had a long relationship with GM going back to the 1920s, Isuzu introduced the Gemini in 1974 which was co-produced with General Motors as the T-body Chevrolet Chevette . A modified version was sold in the United States as Buick's Opel by Isuzu , and in Australia as
460-614: A Japanese company, and the largest investment by foreigners in a Chinese state-owned enterprise. In March 2016, Itochu recorded JPY 352.2 bil in PAT in the fiscal year which ranked itself as the most profitable sogo shosha for its first time. The natural resources commodity price was decreased during the fiscal year ended in March 2016, which made its competitors Mitsubishi Corporation and Mitsui & Co Ltd fell in profits. In July 2016, an American short seller Glaucus Research Group published
575-458: A core component of the postwar " keiretsu " business model, in which large commercial banks played a central role in each major keiretsu with a sōgō shōsha playing a secondary central role that diminished over time. Until the 1980s, sōgō shōsha operations were largely concentrated on supporting Japanese manufacturers' international transactions, particularly in the textile and chemical industries. Since then, Japanese manufacturers have taken
690-573: A corporate restructuring plan centered on the separation of the manufacturing and trading divisions. It was decided to split into four new companies: ITOCHU Corporation, Marubeni Corporation , and Amagasaki Nail Works, Ltd. The constituent companies of Daiken were spun off from each other in December 1949 as part of GHQ efforts to dismantle the war-era zaibatsu . Itoh re-listed on the Tokyo Stock Exchange in 1950. On December 1, 1949,
805-408: A general sales agency agreement with Roots, a British automobile manufacturer, and it established an aircraft section to respond to the resumption of civil aviation. and moved to acquire import agency rights for foreign aircraft manufacturers in 1952. As for oil, the company took dynamic measures one after another, such as becoming an agent for Standard Oil , a major US oil company, and participating in
920-506: A growth period in the 1970s. The company's long-held vision of “Enhancing non-textile businesses - Diversification” was finally realized, and it rapidly expanded operations as a general trading company. In 1972 Itoh became the first Japanese trading company allowed to do business in the People's Republic of China . It publicly announced that it would comply with the “Four Japan-China trading conditions” on December 14, 1971, and then established
1035-416: A high proportion of textiles, expanded significantly from this time on non-textiles, and the transaction volume accounted for 13% of total sales (fiscal year ended March 1951). Starting out as a textile trading company, it expanded its business in non-textile fields such as aircraft, automobiles, petroleum, and machinery, and accelerated its progress towards generalization. In March 1950, the company concluded
1150-450: A highly individualistic and forthright person who was no puppet to any group in his government, and although progressive, not 'liberal' or 'democratic'. Yet another group of historians contend he was never a full dictator, but remain divided on whether his personal power was "far closer to the absolutist end". or he merely played a mediating role in the Genrō's decision making. He composed
1265-532: A liberal economic system. Itoh resumed business in the wake of the war by bartering Japanese textiles for foreign grain, and resumed trading in petroleum, aircraft, automobiles and machinery to meet UN forces requirements during the Korean War . It was Uichiro Kosuge, president of the company, who led the post-war relaunch of Itochu. The new Itochu established its head office at 2-36 Honmachi, Higashi-ku, Osaka, and began domestic sales and import/export operations in
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#17327730240941380-457: A more direct role in international procurement, sales and marketing, and the sōgō shōsha have shifted their business focus to services such as finance, insurance, transportation, project management and real estate development, with much of this business conducted outside Japan through local subsidiaries and affiliates. The collapse of the Japanese asset price bubble in the early 1990s led to
1495-473: A new world power. The Emperor, who was born on 3 November 1852, succeeded to the throne on 3 February 1867, on the suppression of the Shogun dynasty, which had for generations wielded the power which the imperial family held only in name. Mutsuhito has proved the most practical of modern monarchs, for in less than forty years he has brought his country from semi-barbarism to the status of a first class power. Near
1610-421: A normalization of diplomatic relations between Japan and China. In the 1970s, the company became part of the "Kawasaki Group" within the keiretsu of Dai-Ichi Kangyo Bank (now Mizuho Corporate Bank ), eventually displacing Nissho Iwai as the keiretsu's dominant trading company. Itoh's affiliation with the keiretsu was significantly looser than other keiretsu-affiliated trading companies, and many firms within
1725-548: A number of existing family-run conglomerates known as zaibatsu (most notably Mitsubishi and Mitsui ) developed captive trading companies to coordinate production, transportation and financing between the various enterprises within the group. A number of smaller and more specialized Japanese firms, particularly in the cotton supply industry, also took on a larger role in acting as intermediaries for foreign trade, initially in importing raw cotton and later in exporting finished products. These companies were characterized by handling
1840-430: A powerful group of followers known as the "Sejima Machine." In 1970, Sejima and his younger protege Minoru Murofushi arranged a joint venture between General Motors and Isuzu , one of the first tie-ups between US and Japanese automakers. In 1971, the company successfully assisted in arranging a basic contract for cooperation between General Motors of the United States and Isuzu of Japan. The first investment of GM taking
1955-453: A report critical of Itochu's accounting practices, causing a stock price dip of around 10%. In May 2017, Itochu acquired 10.1% share of Yanase which is an importer distributor of automobiles such as Mercedes-Benz, through TOB , which made Itochu to be 50.1% shareholder. Itochu participated in its equity earlier in 2003, and acquired further share to be a 66% shareholder in 2018. In August 2018, Itochu acquired 8.6% share of FamilyMart which
2070-516: A section within the company dedicated to China and began initiatives to actively promote trade. When a mission led by then President Mr. Echigo visited China in March 1972, ITOCHU was officially recognized as a friendly trading company by the Chinese government, and continued to play significant roles in promoting friendship and trade between Japan and China. Soon after this appointment, on September 29, 1972, Japanese Prime Minister Kakuei Tanaka achieved
2185-537: A strong information technology business in the 1980s through its subsidiary C. Itoh Techno-Science (CTC) , which acted as a Japan distributor for Sun Microsystems , Cisco , Oracle and others. After the economic miracle and consequent asset price bubble the country experienced a recession period the lost decade . Trying to deflate speculation and keep inflation in check, the Bank of Japan sharply raised inter-bank lending rates in late 1989. This sharp policy caused
2300-455: A variety of products, targeting various regions for their trading, establishing modern institutionalized risk management methods for their trading, and making substantial investments in domestic industrial operations. After World War II , foreign trade was briefly suspended and the zaibatsu were dismantled. The powerful trading arms of Mitsui and Mitsubishi were each dissolved into over a hundred smaller businesses. When trade resumed in 1950,
2415-493: A very short period of time relative to Europe, where networks could naturally develop over a longer period of time. Japan also lacked effective capital markets to fund companies, and its industrial base was largely composed of cottage industry enterprises that could not market on their own, in contrast to the larger firms prevalent in the West. The chaebol of South Korea followed a similar path of developing trading companies in
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#17327730240942530-458: A wave of mergers and reorganizations among sōgō shōsha , reducing their total number to seven. Sōgō shōsha developed in Japan as a result of several factors unique to Japan. Japan's geographical remoteness and unique language and culture all served to increase the costs of information and negotiation. Its closure from the outside world for over 200 years meant that trade had to be developed in
2645-405: A wide range of products and materials. In addition to acting as intermediaries, sōgō shōsha also engage in logistics, plant development and other services, as well as international resource exploration. Unlike trading companies in other countries, which are generally specialized in certain types of products, sōgō shōsha have extremely diversified business lines, in which respect the business model
2760-428: Is Japan's second largest convenience store chain behind 7-Eleven , through TOB , which made Itochu the 50.1% shareholder. Itochu participated in its equity earlier in 1998, and, after merging other competitors including CircleK , acquired further share to be a 95% shareholder in 2021. In 2019 and 2020, Itochu was ranked the most popular employer for newly minted Japanese university graduates. Itochu has remained one of
2875-527: Is impossible to deny that [Emperor Kōmei's] disappearance from the political scene, leaving as his successor a boy of fifteen or sixteen [actually fourteen], was most opportune". In a brief ceremony in Kyoto, the crown prince formally ascended to the throne on 13 February 1867. The new emperor continued his classical education, which did not include matters of politics. In the meantime, the shōgun , Yoshinobu, struggled to maintain power. He repeatedly asked for
2990-934: Is located at the North Gate Building , 1–3, Umeda 3-Chome, Kita-ku, Osaka , Japan. Its Tokyo headquarters is located at 5-1 Kita-Aoyama 2-Chome, Minato, Tokyo , Japan. ITOCHU also has seven branch offices in Japan, sixteen offices and local subsidiaries in China, 24 in Asia, eight in the CIS , four in Australia, fifteen in the Middle East, eight in Africa, twelve in Europe, ten in North America and nine in Latin America. Itochu started in 1858, shortly after
3105-628: Is merged with Daido Boeki Kaisha, Ltd. and Kureha Cotton Spinning Co., Ltd. to form Daiken Co., Ltd. In August 1945, Japan accepted the Potsdam Declaration , and the World War II ended with Japan's unconditional surrender and defeat. In the chaos after the war, the company's employees working overseas and their families returned to their home country of Japan for about two years from September 1945 to September 1947, whose number reached 1077. The Allied Forces , which occupied Japan at
3220-549: Is transformed into a public stock company "C. Itoh & Co., Ltd." The New York branch office is opened. Itoh's company grew considerably in the wake of World War I , with offices in the United States , India , the Philippines and China, and the firm began to handle machinery, automobiles and metals in addition to its core business of textiles. However, a recession in 1920 left the company deeply in debt, and unlike
3335-500: Is unique to Japan. The structure of sōgō shōsha can give them advantages in international trade. First, they have extensive risk management capabilities in that they trade in many markets, keep balances in many foreign currencies and can generate captive supply and demand for their own operations. They also have large-scale in-house market information systems which give them economies of scale in pursuing new business opportunities. Their vast scale also allows them to provide capital in
3450-580: The burakumin ended. However, these classes continue to suffer discrimination in Japan to the present time. The 1889 constitution created a new parliament , although it had no real power. Power had passed from the Tokugawa into the hands of those daimyōs and other samurai who had led the Restoration. Japan was thus controlled by the Genrō , an oligarchy which comprised the most powerful men of
3565-605: The Boshin War , in which samurai (mostly from the Chōshū and Satsuma Domains ) defeated the shogunate and restored power in his name. Documents issued during his reign include the Charter Oath of 1868, Meiji Constitution of 1889, Imperial Rescript to Soldiers and Sailors of 1882, and Imperial Rescript on Education of 1890, in which he was advised by a group of oligarchs known as the genrō . Other major events include
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3680-539: The Holden Gemini . As a result of the collaboration, certain American GM products were sold to Japanese customers through Isuzu dealerships. The company assisted Isuzu to export also increased considerably as a result of being able to use GM networks, from 0.7% of production in 1973 to 35.2% by 1976; this while overall production increased more than fourfold in the same period. Itoh absorbed Ataka & Co. ,
3795-589: The Humanity Declaration as support for the imposed changes in Japanese government following World War II. For the first time since early childhood, he left the Imperial precincts in Kyoto in mid-May to take command of the forces pursuing the remnants of the bakufu armies. Traveling in slow stages due to through roads being lined with crowds, he took three days to travel from Kyoto to Osaka. There
3910-499: The International Court of Justice ordered Israel the prior month to prevent alleged acts of genocide against Palestinians and to do more to help the region's civilians. It also purchased Big Motor following a series of scandals, finalising the transaction on 1 May. Sogo shosha Sogo shosha ( 総合商社 , sōgō shōsha , or general trading companies ) are Japanese wholesale companies that trade in
4025-532: The Japanese asset price bubble , particularly domestic real estate investments, brought it down to third place by the middle of the decade. In the 1990s, Itochu made several investments in the media industry, including a minority stake in Time Warner and investments in cable and satellite delivery systems. In 1997, the company introduced "Division Company" system, which is to till today. With ITOCHU's operations in Japan and overseas becoming more diversified and
4140-477: The Meiji era . At the time of Mutsuhito's birth, Japan was a feudal and pre-industrial country dominated by the isolationist Tokugawa shogunate and the daimyō subject to it, who ruled over Japan's 270 decentralized domains . The opening of Japan to the West from 1854 fueled domestic demands for modernization, and when Mutsuhito became emperor after the death of his father Emperor Kōmei in 1867, it triggered
4255-480: The Russo-Japanese War , and also starred Tatsuya Nakadai (as General Nogi Maresuke ), and Tetsurō Tamba (as General Kodama Gentarō ). Emperor Meiji also appears in the 2003 film The Last Samurai , played by Nakamura Shichinosuke II . In the film, the emperor is portrayed as a weak, inexperienced leader under the firm control of his councilors, who intend to have him sign a treaty that would give
4370-525: The Sakoku Edict of 1635 . In addition to the substantial Chinese trade, only the Dutch continued trade with Japan, maintaining a post on the island of Dejima by Nagasaki . However, by the early 19th century, European and American vessels appeared in the waters around Japan with increasing frequency. Prince Mutsuhito was born on 3 November 1852 in a small house on his maternal grandfather's property at
4485-506: The daimyōs . In 1869, several of the daimyōs who had supported the revolution gave their land property to the emperor and were reappointed as governors, with considerable salaries. By the following year, all other daimyōs had followed suit. In 1871, as Japan was organized into 72 prefectures the emperor announced that domains were entirely abolished . The daimyōs were compensated with annual salaries equal to ten percent of their former revenues (from which they now did not have to deduct
4600-422: The nengō had often been changed multiple times in an emperor's reign; from now on, it was announced, there would only be one nengō per reign. Soon after his coronation, the emperor journeyed to Tokyo by road , visiting it for the first time. He arrived in late November and began an extended stay by distributing sake among the population. The population of Tokyo was eager for an Imperial visit. Tokyo had been
4715-597: The opening of Japan to foreign trade, when Chubei Itoh ( 伊藤 忠兵衛 , Itō Chūbei ) began door-to-door wholesaling of linen in the regions between Osaka and Kyushu . Itoh founded the "Benichu" drapery store in the Honmachi district of Osaka in 1872. This site was renamed "Itoh Honten" in 1884 and became the Itoh Thread and Yarn Store in 1893 In the following year, he traveled as far as Nagasaki via Okayama, Hiroshima, and Shimonoseki. At this time, Japan concluded
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4830-421: The shishi out of Kyoto, and an attempt by them to return in 1864 was driven back. Nevertheless, unrest continued throughout Japan. The prince's awareness of the political turmoil is uncertain. During this time, he studied waka poetry, first with his father, then with the court poets. In 1866, a new shōgun, Tokugawa Yoshinobu , took office as the prince continued his classical education. Tokugawa Yoshinobu
4945-596: The Bino and Kanto regions. At that time, the Fushimi-machi area was the center of drapery wholesalers, while Honmachi was attracting many used clothing merchants. Despite this, in selecting the base of his business in Osaka, Chubei Itoh I chose Honmachi, anticipating the future development of the Honmachi area. He is said to have chosen Honmachi because it was accessible by road from Kawaguchi-cho, where boats could dock, and
5060-455: The DKB group did not use Itoh's services at all. Former Imperial Japanese Army staff officer Ryuzo Sejima joined Itoh in 1958 after spending 11 years in a Siberian prison. Four years later, he was promoted to director and became Itoh's head of corporate planning, implementing a military-style internal reporting system. He went on to serve as president and chairman of the company, having developed
5175-473: The Osaka Head Office in a dual head-office structure. After gaining support from the United States and achieving domestic economic reform, Japan's economy was able to soar from the 1950s to the 1970s. After the first oil-price shock struck Japan ( 1973 oil crisis ), the country's economy has entered a steady increasing stage till 1990'. (Refer to Japanese economic miracle ) The company also entered
5290-532: The Pacific and a major player in the world within a generation . Yet, Emperor Meiji's role in the Restoration, as well as the amount of personal authority and influence he wielded during his reign, remains debatable. He kept no diary, wrote almost no letters (unlike his father) and left "no more than three or four" photographs. The accounts of people who had met or were close to him usually contain little substantial information or are mutually contradictory. Due to
5405-660: The Treaty of Amity and Commerce with five countries, namely the United States, the United Kingdom, France, Russia, and the Netherlands, opening an era of free trade. The sight of foreigners, battleships, and foreign trading posts astonished Chubei and sparked his curiosity. He became convinced of the limitless potential of commerce. Chubei opened Benchu, a drapery store at Honmachi 2-chome, Higashi-ku, Osaka, east of Nakahashisuji. Benchu mainly handled linen and fabrics from
5520-608: The United States special trading rights that would enrich them, but also cement foreign domination of Japan. The emperor's determination is only shown at the end of the movie, when he is inspired by a visit from Capt. Nathan Algren (played by Tom Cruise ), who fought alongside the rebel samurai, to reject the treaty and dismiss his advisors, declaring that Japan will modernize, but not at the cost of its traditions and history. Unless otherwise noted (as BC), years are in CE / AD Imperial Consort and Regent Empress Jingū
5635-416: The age of 40. The Imperial Family suffered very high rates of infant mortality; all five of the emperor's brothers and sisters died as infants, and only five of his own 15 children reached adulthood. Soon after taking control in the early seventeenth century, shogunate officials (known generically as bakufu ) ended almost all Western trade with Japan, and barred Christian missionaries from the islands under
5750-492: The age of seven. He proved an indifferent student, and later in life wrote poems regretting that he had not applied himself more in writing practice. By the early 1860s, the shogunate was under several threats. Representatives of foreign powers sought to increase their influence in Japan. Many daimyōs were increasingly dissatisfied with bakufu handling foreign affairs. Large numbers of young samurai , known as shishi or "men of high purpose", began to meet and speak against
5865-421: The bursting of the bubble, and the Japanese stock market crashed . In the two decades starting from such period, the company experienced the challenges and restructured its portfolio. On October 1, 1992, C. Itoh & Co. Ltd. changed its English name to Itochu Corporation, a more direct transliteration of its Japanese name. By the early 1990s Itochu had become the largest trading company in Japan, but losses from
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#17327730240945980-584: The co-promotion of a world-scale Polypropylene Project with a capacity of 250,000 tonnes per annum at a total project cost of Rs. 525 Crores, at Hazira in the State of Gujarat . With a $ 50 million cost for a 15 percent stake, it was at that point, the largest investment in India by a Japanese firm. Itoh also marketed products—under their own label—as diverse as a line of bicycles (mostly manufactured by Bridgestone), and computer printers. Itochu began to develop
6095-694: The company in the Logistics Department, which was in charge of packing, shipping, and transporting products, he refined himself as a young manager and embarked on reforming the management of the Ito Head Office. In 1908, he integrated the scattered businesses of the Ito family, organized 'Ito Chubei Headquarters', and served as its representative. This was an epoch-making organizational reform since Chubei I founded Benichu in Osaka 36 years ago. The headquarters decided management policies for each of
6210-489: The company was incorporated . Daiken Co., Ltd., a company created from the merger of trading and manufacturing firms during World War II, separates into C. Itoh & Co., Ltd., Kureha Cotton Spinning Co., Ltd., Marubeni Co., Ltd., and Amagasaki Nail Works, Ltd. The inflation that had continued since the end of the war was brought under control by the Dodge Line , and from around 1949, Japan accelerated its progress toward
6325-416: The cost of governing), but were required to move to the new capital, Tokyo. Most daimyōs retired from politics. The new administration gradually abolished most privileges of the samurai, including their right to a stipend from the government. However, unlike the daimyōs , many samurai suffered financially from this change. Most other class-based distinctions were abolished. Legalized discrimination against
6440-419: The cost of land was less than a half that in Fushimi-machi. Once Benchu was open, Chubei drew up a charter. In it, he set out his workers' rights and duties, unique for the time, to ensure that all workers, including junior staff, could work to their utmost capabilities. Chubei opened Itoh Itomise, a cotton thread wholesale store, at Azuchi-cho 2-chome, Higashi-ku, Osaka. Under Chubei Itoh I, the general manager,
6555-490: The early 17th century. Under its rule, the shōgun governed Japan. About 180 lords, known as daimyōs , ruled autonomous realms under the shōgun , and occasionally the shōgun called upon the daimyōs for gifts but did not tax them. The shōgun controlled the daimyōs in other ways too; only the shōgun could approve daimyōs marriages, and the shōgun could divest a daimyō of his lands. Tokugawa Ieyasu , who had officially retired from his position by 1605,
6670-418: The eldest daughter of Count Sono Motosachi, lived to adulthood. Although Meiji was the last emperor to have concubines , this function was not officially abolished until 1924. Emperor Meiji had fifteen children (five of them were sons and ten were daughters), five of them (a son and four daughters) reached adulthood. He had eighteen grandchildren (eleven grandsons and seven granddaughters). He received
6785-464: The emperor ceremoniously read out a document before the court proclaiming the "restoration" of Imperial rule, and the following month, documents were sent to foreign powers: The Emperor of Japan announces to the sovereigns of all foreign countries and to their subjects that permission has been granted to the shōgun Tokugawa Yoshinobu to return the governing power in accordance with his own request. We shall henceforward exercise supreme authority in all
6900-432: The emperor's confirmation of his actions, which he eventually received, but there is no indication that the young emperor was himself involved in the decisions. The shishi and other rebels continued to shape their vision of the new Japan, and although they revered the emperor, they had no thought of having him play an active part in the political process. The political struggle reached its climax in late 1867. An agreement
7015-666: The emperor's death in 1912, the Japanese Diet passed a resolution to commemorate his role in the Meiji Restoration . An iris garden in an area of Tokyo where Emperor Meiji and the Empress had been known to visit was chosen as the building's location for the Shinto shrine Meiji Jingū . The shrine does not contain the emperor's grave, which is at Fushimi-Momoyama Castle south of Kyoto . Soon after Meiji's ascension,
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#17327730240947130-423: The emperor's officials presented Ichijō Haruko to him as a possible bride. The future Empress was the daughter of an Imperial official, and was three years older than the groom, who would have to wait to wed until after his genpuku (manhood ceremony). The two married on 11 January 1869. Known posthumously as Empress Dowager Shōken , she was the first Imperial Consort to receive the title of kōgō (literally,
7245-461: The emperor's studies include materials on contemporary affairs. On 19 September 1868, the emperor announced the name of the city of Edo was to be changed to Tokyo, meaning "eastern capital". He was formally crowned in Kyoto on 15 October (a ceremony which had been postponed from the previous year due to the civil unrest). Shortly before the coronation, he announced that the new era, or nengō , would be called Meiji or "enlightened rule". Heretofore
7360-488: The emperor's wife, translated as Empress Consort ), in several hundred years. Although she was the first Japanese Empress Consort to play a public role, she bore no children. However, the Meiji Emperor had fifteen children by five official ladies-in-waiting. Only five of his children, a prince born to Lady Naruko (1855–1943), the daughter of Yanagiwara Mitsunaru, and four princesses born to Lady Sachiko (1867–1947),
7475-498: The end of his life several leftists, including Shūsui Kōtoku , were executed (1911) on charges of having conspired to murder the sovereign. This conspiracy was known as the High Treason Incident (1910). Emperor Meiji, suffering from diabetes , nephritis , and gastroenteritis , died of uremia . Although the official announcement said he died at 00:42 on 30 July 1912, the actual death was at 22:40 on 29 July. He
7590-593: The end of the war, followed the policy of destroying Japan's military power and establishing a democratic political and economic system. In 1946, Daiken Co., Ltd. was designated as a restricted company along with 46 subsidiaries, and was placed under the strict supervision of the Holding Company Liquidation Committee. In 1947, in accordance with the Law for Elimination of Excessive Concentration of Economic Power, Daiken Co., Ltd. decided on
7705-486: The era was changed to Taisho. In 1913, he established a cotton yarn department, but in July 1914, World War I began, and he experienced a sharp drop in the market prices of raw silk and cotton yarn. Uncertainty about the course of the war caused the Japanese economy to temporarily fall into turmoil, with the stock market, raw silk and cotton yarn trading prices crashing, and bank runs on bank runs. In 1918, "C. Itoh & Co."
7820-531: The establishment of the Cabinet in 1885, Privy Council in 1888, Imperial Diet in 1890, and military victories over China in the First Sino-Japanese War and over Russia in the Russo-Japanese War . Taiwan and Korea were annexed in 1895 and 1910, respectively. Emperor Meiji died in 1912, and was succeeded by his eldest son, Yoshihito . The Tokugawa shogunate had established itself in
7935-696: The export department of the Ito head office independent as the Ito export store, and opening branch offices one after another in Shanghai, South Korea, the Philippines, and Manila. Chubei II was infused with the business aspirations and enterprising spirit of Chubei I. He travelled to London in 1910 and began direct procurement and financing for the business in the London markets, which considerably improved its margins, as it had previously used more expensive intermediaries in Japan. In 1912, Emperor Meiji died and
8050-491: The fabric industry; with some copies sold to the public). Chubei Itoh II took over the company following his father's death in 1903. The Russo-Japanese War , which began that year, ended with Japan's victory. When Chubei II was in charge of Itochu's management, the business of the Ito head office was booming due to the victorious boom brought about by the Russo-Japanese War. When Chubei II took his first steps at
8165-521: The first Japanese companies to move away from the traditional seniority-based pay scale, adopting a base pay scale based on responsibilities, impact and value of each position as well as a performance-linked bonus system. Itochu also spun off CTC in 1999, only to see CTC quickly achieve a market capitalization more than twice that of its former parent company. In 2001, ITOCHU Corporation and Marubeni Corporation spin off and merge their respective steel divisions, launching Marubeni-Itochu Steel Inc. (MISI). At
8280-652: The first diversified trading companies emerged as Kansai region -based textile traders (most notably Itochu , Marubeni , Toyo Cotton and Nichimen ) and steel traders (most notably Iwai and Nissho, which later merged to form Nissho Iwai ) diversified into new business lines. The remnants of the Mitsubishi and Mitsui zaibatsu also coalesced in the 1950s to form new large-scale trading concerns. The term sōgō shōsha came into use around 1955 to refer to this broad set of firms, which by 1960 had coalesced into ten large and highly diversified companies: Sōgō shōsha became
8395-460: The following orders and decorations: The Meiji era ushered in many far-reaching changes to the ancient feudal society of Japan. A timeline of major events might include: Emperor Meiji is portrayed by Toshirō Mifune in the 1980 Japanese war drama film The Battle of Port Arthur (sometimes referred as 203 Kochi ). Directed by Toshio Masuda , the film depicted the Siege of Port Arthur during
8510-565: The following poem in waka form: This poem was later recited by his grandson, Emperor Shōwa in an Imperial Conference in September 1941 before the attack on Pearl Harbor to tell that he wanted to avoid the war. The Illustrated London News published an article with a cover illustration of Emperor Meiji in the New-York Tribune on 19 March 1905. The description text said: The victorious Emperor of Japan - beloved ruler of
8625-524: The form of credit, financing and export services at low cost. Mitsui CEO Masami Iijima described general trading companies as similar to investment funds such as private equity funds, but distinguished by their ability to identify and implement business opportunities in various industries using the information and human resources gleaned from their trading business. Sōgō shōsha are among the highest-paying employers in Japan. Along with financial institutions, these companies have consistently been ranked among
8740-518: The four stores and one factory, and supervised personnel and fund management. In July 1908, he opened the first Tokyo branch of a Kansai yarn dealer in Ningyocho , Nihonbashi . The company opened an office in Shanghai in the 1890s and started business in Seoul in 1905, but had severe difficulties with these first overseas forays. He turned his attention to overseas markets from an early stage, making
8855-479: The government. This structure would last until the establishment of a prime minister, who would lead a cabinet in a western fashion, in 1885. Initially, not even the retention of the emperor was certain; revolutionary leader Gotō Shōjirō later stated that some officials "were afraid the extremists might go further and abolish the Mikado". Japan's new leaders sought to reform the patchwork system of domains governed by
8970-416: The internal and external affairs of the country. Consequently, the title of Emperor must be substituted for that of Tycoon , in which the treaties have been made. Officers are being appointed by us to the conduct of foreign affairs. It is desirable that the representatives of the treaty powers recognize this announcement. On 23 October 1868 the era was changed from Keiō to Meiji ('enlightened rule'), which
9085-515: The lack of reliable sources of the period, mysteries surrounding Emperor Meiji's personality and role in the Restoration remain a matter of historical dispute. James C. Baxter argues that the emperor was a figurehead without real power who rarely interfered with what had been agreed upon in advance by the Meiji oligarchy . Conversely, Herbert Bix describes Meiji as a powerful autocrat whom the Genrō struggled to restrain while accommodating his anti-democratic inclinations. R.Starr characterizes Meiji as
9200-507: The major zaibatsu firms of the time, it had no captive bank to finance its business. In 1921, the company split in half, with one half forming what is now known as Marubeni . The company's performance improved in the 1930s, but as World War II began in the latter half of the 1930s, all trading companies' business became increasingly war-oriented. In 1941, Sanko Kabushiki Kaisha, Ltd. is established by merging of C. Itoh & Co., Marubeni Shoten Ltd., and Kishimoto Shoten Ltd. In 1944, Sanko
9315-453: The major European powers. On 7 April 1868, the emperor was presented with the Charter Oath , a five-point statement of the nature of the new government. The statement was designed to win over those who had not yet committed themselves to the new regime. This document, which the emperor then formally promoted, abolished feudalism and proclaimed a modern democratic government for Japan. The Charter Oath would later be cited by Emperor Shōwa in
9430-513: The management environment changing very quickly, the Company recognized that it needed to adopt a more autonomous management approach, enabling greater agility by delegating authority and responsibility to its divisions. The concept of developing a “Division Company” system was created. Consequently, an examination committee was set up in 1995 and the system was adopted in FY1997. The main purposes of
9545-490: The management of Nichibei Oil . There was also a quick response to internationalization. In 1951, the New York office was established, and a local subsidiary, Itochu America Inc. was established in 1952to prepare for the expansion of trade with the United States. Subsequently, the company name was raised high in various parts of the world, such as London, Mexico in 1953, Hamburg in 1954, Hong Kong, and Bangkok in 1955. After
9660-777: The mid-1970s. Similar conglomerate type organizations exist in India such as the Reliance Group and TATA Group . The United States also attempted to emulate the business model to promote exports in the early 1980s by enacting the Export Trading Company Act of 1982. At the time the law was debated, Mitsui & Co. was the sixth-largest exporter from the United States, and sogo shosha accounted for about half of Japan's inbound and outbound trade. [REDACTED] World portal Emperor Meiji Mutsuhito (3 November 1852 – 30 July 1912), posthumously honored as Emperor Meiji ,
9775-479: The military, political and economic spheres. The emperor showed greater political longevity than his recent predecessors, as he was the first Japanese monarch to remain on the throne past the age of 50 since Emperor Ōgimachi 's abdication from the throne in 1586. The Japanese take pride in the Meiji Restoration, as it and the accompanying industrialization allowed Japan to become the preeminent power in
9890-481: The minimum control required in line with the decentralization of authority. By adopting this new approach, ITOCHU sought to strengthen its performance and operations, while bolstering its earnings. ITOCHU becomes the first sogo shosha to receive environmental certificate ISO14001. Uichirō Niwa became president of Itochu in 1998, implementing cuts to unprofitable businesses and cutting back executive perks enjoyed by his predecessor Murofushi. In 1999, Itochu became one of
10005-585: The modern cannons that his naval fleet equipped. For the first time in at least 250 years, the shogunate took the highly unusual step of consulting with the Imperial Court because of the crisis brought on by Perry's arrival. Emperor Kōmei's officials advised that they felt they should agree to trade with the Americans and asked that they be informed in advance of any steps to be taken upon Perry's return. The Japanese government decided that their military
10120-528: The most popular employers for graduates of top Japanese universities since the 1990s due to their high compensation levels, employment stability and the diversity of opportunities available to prospective employees. In September 2020, Warren Buffett 's Berkshire Hathaway announced that it had acquired over 5% of the stock in the company, along with four other Japanese trading houses, over the 12-month period ending in August 2020. By April 2023, Berkshire increased
10235-483: The most popular employers for the graduates of top Japanese universities for over thirty years due to their high compensation levels, employment stability and the diversity of opportunities available to prospective employees, of which has made the recruitment process highly competitive. After the opening of Japan in the mid-1800s, trade between Japan and the outside world was initially dominated by foreign merchants and traders from Western countries. As Japan modernized,
10350-495: The most profitable sogo shosha . He remained as the president till he was appointed as Chairman-CEO in 2018. In 2011, Itochu moved its Osaka headquarters to the North Gate Building adjacent to Osaka Station . In 2013, Itochu implemented a general ban on work after 8 PM with an across-the-board "lights out" policy at 10 PM while encouraging that any necessary overtime be taken in the early morning hours, reducing
10465-440: The ninth largest general trading company in Japan, in 1977. Ataka had recently suffered major losses from an oil development project in the United States and had undergone restructuring at the direction of its main lender, Sumitomo Bank . From the early 1970s Itoh was a major supplier of synthetic yarn ( polyester ) to India's Reliance Industries Limited . Over the years, the close collaboration between both companies culminated in
10580-633: The north end of the Gosho . At the time, birth was culturally believed to be a source of pollution, so the imperial prince was not born in the Palace. Instead, it was common for members of the Imperial Family to be born in a structure, often temporary, near the pregnant woman's father's house. The Prince Mutsuhito's mother, Nakayama Yoshiko , was a concubine ( Japanese : 権の典侍 , romanized : gon no tenji ) to his father Emperor Kōmei , and she
10695-526: The period, both ITOCHU and Marubeni have been experiencing excessive competition in the domestic market of steel and metal products and the two entities who share the same history routes filed the dialogues towards merging the similar operations into MISI. Masahiro Okafuji became president of Itochu in 2010 and announced a strategy to make Itochu the first-ranked sogo shosha in areas other than raw resources, particularly in food products and machinery. Under Okafuji's leadership, Itochu has led its way to be one of
10810-421: The prince was delicate and often ill. Some biographers state that he fainted when he first heard gunfire, while others deny this account. On 16 August 1860, Sachinomiya was proclaimed prince of the blood and heir to the throne and was formally adopted by his father's consort . Later that year on 11 November, he was proclaimed as the crown prince and given an adult name, Mutsuhito. The prince began his education at
10925-664: The rebels. On March 23 the Dutch Minister-Resident Dirk de Graeff van Polsbroek and the French Minister-Resident Léon Roches were the first European envoys ever to receive a personal audience with the new Emperor Meiji in Edo (Tokyo). This audience laid the foundation for (modern) Dutch diplomacy in Japan. Subsequently, De Graeff van Polsbroek assisted the emperor and the government in their negotiations with representatives of
11040-556: The rudiments of Japanese and Chinese history and geography. The shōgun did not seek the consent or advice of the emperor for his actions. Emperors almost never left their palace compound, or Gosho in Kyoto , except after an emperor retired or to take shelter in a temple if the palace caught on fire. Few emperors lived long enough to retire; of the Meiji emperor's five predecessors, only his grandfather and great-grandfather lived beyond
11155-400: The shogunate. The shishi revered Emperor Kōmei and favoured direct violent action to cure societal ills. While they initially desired the death or expulsion of all foreigners, the shishi would later begin to advocate the modernisation of the country. The bakufu enacted several measures to appease the various groups in an effort to drive a wedge between the shishi and daimyōs . Kyoto
11270-501: The site of the shōgun ' s court and the city's population feared that with the abolition of the shogunate, the city might fall into decline. It would not be until 1889 that a final decision was made to move the capital to Tokyo. While in Tokyo, the emperor boarded a Japanese naval vessel for the first time, and the following day gave instructions for studies to see how Japan's navy could be strengthened. Soon after his return to Kyoto,
11385-516: The stake to 7.4%. In March 2021, Itochu ended its fiscal year by becoming the most profitable (recording JPY 401.4 bil in PAT) and the most valued (recording JPY 5,685 bil in market capitalization) sogo shosha in Japan. On 5 February 2024, Itochu Chief Financial Officer Tsuyoshi Hachimura, announced that the company was to end its partnership with the Israeli military technology company Elbit after
11500-413: The store started with ten workers, including an assistant general manager, manager, and assistant manager. Itoh Itomise adopted a series of management systems that were revolutionary for the times, including the codifying of the sharing of profits by three stakeholders, the introduction of Western-style bookkeeping, and the issuance of Jitsugyo, a monthly business magazine (which became a leading magazine for
11615-568: The system were, first, to create an optimal management system with independent management by the Division Companies (to create a system geared to the characteristics of the Companies, enable prompt decision making through a bold decentralization of authority, and build a more sophisticated management system based on consolidated performance and balance sheets); second, to establish a small and efficient head office; and third, to achieve
11730-456: The three fields of textiles, machinery, and general goods. Since 1950, The Korean War gave further impetus to the Japanese economy, and ITOCHU greatly improved its performance in import and export transactions. In the mid-1950s, ITOCHU's transformation into a general trading company progressed rapidly, and against the background of exchange trade and the liberalization of exchange rates of Japanese Yen . The company's sales composition, which had
11845-472: The total amount of overtime across the company. In 2014, Itochu entered into a cross-shareholding partnership with the Thai conglomerate Charoen Pokphand (CP), and together with CP, agreed to invest over $ 8 billion in the Chinese state-owned conglomerate CITIC Limited during 2015, the largest investment ever made by a Japanese general trading company. The transaction was also the largest acquisition in China by
11960-566: The war, Itoh absorbed many smaller trading operations that could no longer stand on their own. Itoh expanded its overseas mining and petroleum exploration activity in the late 1960s and early 1970s. In 1957, The Company completes construction of a new Tokyo Branch Office building (at 2-chome, Nihonbashi Honcho, Chuo-ku, Tokyo), and, later in 1967, The Company renames the Tokyo Branch Office the Tokyo Head Office, to join
12075-512: Was a major centre for the shishi and the shishi had influence over the Emperor Kōmei. In 1863, the shishi persuaded him to issue an " Order to expel barbarians ". The Order placed the shogunate in a difficult position since they had no intention of enforcing the order because they did not have the power to carry it out. Several attacks were made on foreigners or their ships, and foreign forces retaliated. Bakufu forces were able to drive most of
12190-430: Was a reformer who desired to transform Japan into a Western-style state. Yoshinobu was the final shōgun and met with resistance from among the bakufu , even as unrest and military actions continued. In mid-1866, a bakufu army set forth to punish rebels in southern Japan. The army was defeated. Emperor Kōmei fell seriously ill at the age of 36 and died on 30 January 1867. British diplomat Sir Ernest Satow wrote, "it
12305-399: Was later used for the emperor's posthumous name. This marked the beginning of the custom of posthumously naming the emperor after the era during which he ruled. In a conflict known as the Boshin War , Yoshinobu's followers briefly resisted and bakufu holdouts were finally defeated in late 1869. Despite the ouster of the bakufu , no effective central government had been put in place by
12420-487: Was no conflict in Osaka; the new leaders wanted the emperor to be more visible to his people and to foreign envoys. At the end of May, after two weeks in Osaka (in a much less formal atmosphere than in Kyoto), the emperor returned to his home. Shortly after his return, it was announced that the emperor would begin to preside over all state business, reserving further literary study for his leisure time. Only from 1871 onward did
12535-544: Was no match for the American military and thus allowed trade and submitted to what it dubbed the " Unequal Treaties ". "Unequal Treaties" meant giving up tariff authority and the right to try foreigners in its own courts. The shogunate's willingness to consult with the Court was short-lived: in 1858, word of a treaty arrived with a letter stating that due to shortness of time, it had not been possible to consult. Emperor Kōmei
12650-556: Was reached by which Yoshinobu would maintain his title and some of his power, but the lawmaking power would be vested in a bicameral legislature based on the British model. The agreement fell apart and on 9 November 1867, Yoshinobu officially tendered his resignation to the emperor and formally stepped down ten days later. The following month, the rebels marched on Kyoto, taking control of the Imperial Palace. On 4 January 1868,
12765-399: Was so incensed that he threatened to abdicate—though even this action would have required the consent of the shōgun . Much of the emperor's boyhood is known only through later accounts, which his biographer Donald Keene points out are often contradictory. One contemporary described Mutsuhito as healthy and strong, somewhat of a bully, and exceptionally talented at sumo . Another states that
12880-441: Was succeeded by his eldest son, Emperor Taishō . By 1912, Japan had gone through a political, economic, and social revolution and emerged as one of the great powers in the world. The New York Times summed up this transformation at the emperor's funeral in 1912 as: "the contrast between that which preceded the funeral car and that which followed it was striking indeed. Before it went old Japan; after it came new Japan." After
12995-536: Was the 122nd emperor of Japan according to the traditional order of succession , reigning from 1867 until his death in 1912. His reign is associated with the Meiji Restoration of 1868, which ended the Tokugawa shogunate and began rapid changes that transformed Japan from an isolationist , feudal state to an industrialized world power . Emperor Meiji was the first monarch of the Empire of Japan , and presided over
13110-562: Was the daughter of the acting major counselor, Nakayama Tadayasu . The young prince was given the title Sachi-no-miya , or Prince Sachi. The young prince was born into an era of great change in Japan. This change was symbolised dramatically in July 1853 when Commodore Matthew Perry and his American Naval squadron (what the Japanese dubbed "the Black Ships "), sailed into the harbour at Edo (known since 1868 as Tokyo). Perry sought to open Japan up to international trade and showcased
13225-446: Was the first Tokugawa shōgun. Upon retirement, Tokugawa Ieyasu and his son Tokugawa Hidetada , the titular shōgun , issued a code of behavior for the nobility in 1605. Under the code, the emperor was required to devote his time to scholarship and the arts. The emperors under the shogunate appear to have adhered closely to this code by studying Confucian classics and devoting time to poetry and calligraphy. Emperors were taught only
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