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85-662: The company traces its roots to the Mitsubishi conglomerate founded by Yataro Iwasaki . Iwasaki was originally employed by the Tosa clan of modern-day Kōchi Prefecture , who posted him to Nagasaki in the 1860s. During this time, Iwasaki became close to Sakamoto Ryōma , a major figure in the Meiji Restoration that ended the Tokugawa shogunate and restored the nominal primacy of the emperor of Japan in 1867. Iwasaki

170-466: A 32% stake in the new business by investing ₹300 crore (₹3 billion) and will enter the Indian automotive market. Mitsubishi Corporation businesses are divided into eight business sections: Of these segments, energy is the largest by far, accounting for almost half of the company's consolidated net income in the first half of the fiscal year 2015. In 2008 Mitsubishi Corporation was crowned In-House of

255-785: 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

340-617: 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

425-456: A business district. Hisaya was succeeded by his cousin Koyata in 1916, and during his time as president the group saw a significant expansion. In 1917, he funded the establishment of an optics company and became the majority shareholder, which later became Nikon . During this era, Mitsubishi Heavy Industries was at the forefront of Japan's aircraft development. He reorganised the group into

510-574: 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,

595-464: A form similar to what it is now, and he spun off each department into a subsidiary. Most of them later went public, as he thought that for the sake of the expansion of business, more core capital was needed. The group was organised as follows: The firm's prime real estate holdings in the Marunouchi district of Tokyo, acquired in 1890, were spun off in 1937 to form Mitsubishi Estate , now one of

680-408: 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

765-507: 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

850-416: 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

935-532: 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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1020-422: 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

1105-431: 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

1190-454: 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

1275-516: 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

1360-555: A slowdown in the Chinese economy and a slump in the commodity markets, causing Mitsubishi to lose its #1 position to Itochu . Berkshire Hathaway 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. In February 2024, TVS Mobility, a distribution and after-sales company, entered into a joint venture with Mitsubishi. TVS Mobility will be renamed TVS Vehicle Mobility Solution (TVS VMS), Mitsubishi will take

1445-539: 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

1530-584: A variety of industries. Founded by Yatarō Iwasaki in 1870, the Mitsubishi Group traces its origins to the Mitsubishi zaibatsu , a unified company that existed from 1870 to 1946. The company, along with other major zaibatsu, was disbanded during the occupation of Japan following World War II by the order of the Allies . Despite the dissolution, the former constituent companies continue to share

1615-429: 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

1700-630: Is a Japanese corporation based in Umeda , Kita-ku, Osaka and Aoyama , Minato, Tokyo . 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

1785-996: 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

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1870-629: 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

1955-549: 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

2040-840: The Cold War made the Eastern Bloc more menacing than the possible revival of a strong Japan and Germany , the occupation forces’ initial aim, just like in Germany, was to weaken the Japanese economy so that the country could never wage war against them. Under this policy, Mitsubishi as a group was dissolved. Mitsubishi Heavy Industries and Mitsubishi Chemical were split into three separate entities. On his deathbed, Koyata Iwasaki staunchly defended his actions, asserting that he had done his utmost for his country and had nothing to be ashamed of. Despite his resistance, he could not defy

2125-540: 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. ,

2210-589: 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

2295-566: The Rainforest Action Network for its role in the destruction of rainforests through its forestry activities. In November, 2019, Mitsubishi Corporation stated that it will buy Eneco , a company that focuses on renewable energy, in a deal valuing the Dutch energy firm at $ 4.52 billion. Mitsubishi The Mitsubishi Group ( 三菱グループ , Mitsubishi Gurūpu ) is a group of autonomous Japanese multinational companies in

2380-570: The Tokyo Stock Exchange and Osaka Stock Exchange in the same year. It changed its name to "Mitsubishi Corporation" in 1971. Concurrently with its relaunch, Mitsubishi opened fourteen liaison offices outside Japan, as well as a US subsidiary called Mitsubishi International Corporation with offices in New York and San Francisco. By 1960, Mitsubishi had fifty-one overseas offices. Mitsubishi's first large-scale investment outside Japan

2465-598: 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

2550-596: 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

2635-456: 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

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2720-494: The Japanese distribution representative. Three of the group companies are informally known as the "Three Great Houses" ( 御三家 , Gosanke ) and hold a separate coordinating meeting prior to each Friday Conference: Ten other "major" group companies participate in the coordinating meeting on a rotating basis (with six of the ten companies participating in any given month): Itochu Itochu Corporation ( 伊藤忠商事株式会社 , previously known as C. Itoh & Co. until 1992)

2805-564: The Mitsubishi brand and trademark . While the group of companies engages in limited business cooperation, most notably through monthly “Friday Conference” executive meetings, they remain formally independent and are not under common control. The three main entities ( gosanke ) are Mitsubishi UFJ Financial Group (the largest bank in Japan), Mitsubishi Corporation (a general trading company), and Mitsubishi Heavy Industries (diversified manufacturing companies). A 2020 estimate concluded that all

2890-452: The Mitsubishi companies combined generate 7.7% of the total revenue of all publicly traded companies in Japan, and the group's assets amount to 433 trillion yen. The Mitsubishi company was established as a shipping firm by Iwasaki Yatarō (1834–1885) in 1870 under the name "Tsukumo Shokai" ( 九十九商会 ) . In 1873, its name was changed to Mitsubishi Shokai ; Mitsubishi ( 三菱 ) consists of two parts: " mitsu " (三) meaning "three" (as in

2975-474: 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

3060-660: 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

3145-609: The Year - Trading Company In-House Team of the Year at the 2008 ALB Japan Law Awards . In 2023, the company’s seat in Forbes Global 2000 was 75. In March 1998 the Mitsubishi Corporation received the quarterly Greenwash Award. It was awarded to Mitsubishi Corporation for successful efforts at portraying its business operations as environmentally friendly. It was argued that through the use of public relations

3230-422: 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

3315-480: The chairpersons and presidents of major Mitsubishi companies. By 1964, Mitsubishi Heavy Industries also remerged. The Friday Club symbolised the formation of an equal group of companies, rather than the revival of the pre-war Mitsubishi zaibatsu with Mitsubishi Headquarters at the apex. In 1970, Mitsubishi companies established the Mitsubishi Foundation to commemorate the centennial anniversary of

3400-587: 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

3485-694: 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

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3570-490: 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

3655-406: The corporation demonstrated to the world that Exportadora de Sal S.A. , their subsidiaries facility off the coast of Mexico, was environmentally benign. The facility is a salt evaporation factory and is in a lagoon that also holds a gray whale calving ground. As of 2009, Mitsubishi held between 35% and 40% of the worldwide market for bluefin tuna. Mitsubishi was also the subject of a boycott by

3740-419: 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,

3825-555: The country had decided to wage a war with the United States and the British Empire , each member of the company ought to serve the country in fulfilling its only goal, but the company should not forget what it owed to people in these countries. Arguably, one of the most tangible ways in which Mitsubishi was involved in the war was through its supply of ships, aircraft and other arms by Mitsubishi Heavy Industries. The Mitsubishi A6M Zero fighter, designed by Dr. Jiro Horikoshi

3910-593: 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

3995-486: 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."

4080-697: 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

4165-492: 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

4250-523: 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

4335-419: The founding of the first Mitsubishi company. The companies also individually maintain charitable foundations. Mitsubishi pavilions have been highlights of expositions in Japan since EXPO'70 in Osaka in the 1970s to 1980s. The Mitsubishi Group is made up of about 40 individual companies without a controlling parent company. Each of the Mitsubishi companies owns substantial (but usually not controlling) portions of

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4420-518: 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

4505-670: The largest real estate development companies in Japan. During the Second World War , which was often advertised in government propaganda as a total war, Mitsubishi was a key player in the nation's wartime economy. Educated in England and having many business friends and partners in the Anglosphere , Koyata was opposed to fighting a war against the Allies. However, he famously stated in his speech on 10 December 1941 that once

4590-508: 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

4675-513: 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

4760-434: 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

4845-482: The market capitalisation of the company was significantly less than its real estate holdings. They greenmailed , and other Mitsubishi companies had to buy the shares from them at an unjustly high price. This incident accelerated Mitsubishi's reintegration. In 1954, Mitsubishi Corporation was reformed, and the Mitsubishi Friday Club was established to foster camaraderie and information exchange among

4930-496: The mid-2000s. In addition to the Friday Conference, the group companies' heads of general affairs hold a meeting on the third Monday of each month, and the group companies' legal and IP departments hold a trademark policy coordination meeting on the first Friday of each month. The company briefly dabbled in television during the early 1990s, when it inked a deal with Westinghouse Broadcasting International to become

5015-483: 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

5100-477: 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

5185-496: 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

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5270-442: 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

5355-511: The occupation authorities, the employees of the Mitsubishi Shoji trading arm rebranded into 100 separate companies. Beginning in 1950, the restrictions on re-consolidation of the zaibatsu were eased, and by 1952 most of the former Mitsubishi Shoji had coalesced into three companies. The current Mitsubishi Corporation was founded by the merger of these three companies to form Mitsubishi Shoji Kaisha, Ltd. in 1954; Mitsubishi listed on

5440-569: The operation of shipbuilding were used to expand the business further into the manufacture of aircraft and equipment. The experience of overseas shipping led the firm to enter into a trading business. In 1881, the company bought into coal mining by acquiring the Takashima Mine, followed by Hashima Island in 1890, using the production to fuel their extensive steamship fleet. They also diversified into shipbuilding, banking , insurance , warehousing, and trade. Later diversification carried

5525-479: The organization into such sectors as paper , steel , glass , electrical equipment, aircraft , oil , and real estate . As Mitsubishi built a broadly based conglomerate , it played a central role in the modernization of Japanese industry. In 1894, Hisaya Iwasaki succeeded his uncle Yanosuke as president. During his tenure until 1916, he modernised the Nagasaki Shipyard and developed Marunouchi as

5610-526: 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

5695-412: The shares of the others. Twenty-nine of the group companies participate in the Friday Conference ( 金曜会 , Kinyō-kai ) , a luncheon meeting of their most senior executives held on the second Friday of each month. The group began its tradition of monthly executive meetings in 1952, and over time the meetings became a venue for coordinating policy between the group companies. By the 1990s, this practice

5780-536: The shipping operation with a rival enterprise to form the Nippon Yusen Kaisha (NYK) and refocused Mitsubishi's business on coal and copper mining. In 1918, the group's international trading business was spun off to form Mitsubishi Shoji Kaisha . Mitsubishi Goshi Kaisha served as the parent company of the group through World War II , during which group company Mitsubishi Heavy Industries (launched in 1934) produced ships, aircraft and heavy machinery for

5865-518: 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

5950-413: 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

6035-568: 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

6120-456: 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

6205-511: The three oak leaves from the crest of the Yamauchi or Tosa family that ruled over Yatarō's birthplace and employed him) and " hishi " (菱, which becomes " bishi " under rendaku ) meaning " water caltrop ", and hence " rhombus ", which is reflected in the company's logo . It is also translated as "three diamonds". Mitsubishi was established in 1870, two years after the Meiji Restoration , with shipping as its core business. Its diversification

6290-632: The tide of the times. His cousin, Hisaya Iwasaki , president of Mitsubishi Partnership Company at the time, expressed his frustration with the situation, noting that the company had been stripped bare, leaving only his ancestral land in Tosa and a mausoleum in Tokyo. His main residence in Shitaya was requisitioned by the American military, and Hisaya had to temporarily rent rooms in his former house. Due to

6375-474: 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

6460-418: The war effort. After the war, the administration of Douglas MacArthur called for the dissolution of the " zaibatsu " corporations that dominated the Japanese economy. Mitsubishi was the only major zaibatsu to initially refuse this request, at the orders of the president Koyata Iwasaki , who shortly thereafter fell seriously ill. Mitsubishi eventually dissolved in 1947, and under restrictive rules imposed by

6545-567: 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

6630-579: The war. In 2015, Mitsubishi Materials (formerly Mitsubishi Mining) compensated 3,765 Chinese labourers who were conscripted to the company during the war and apologised to ex-American prisoners of war. Mitsubishi was involved in the opium trade in China during this period. After the Second World War, under the Allied Occupation's policy to dissolve zaibatsu , the Mitsubishi conglomerate underwent significant restructuring. Until

6715-603: The zaibatsu dissolution, Mitsubishi Estate was split into two companies, Kanto Real Estate and Yowa Real Estate. Yowa Real Estate owned a significant portion of the land between the Imperial Palace and Tokyo Station , including the Marunouchi Building . In 1952, an incident occurred where two men, Kuniichiro Fujiami and Shomitsu Tajima, who were closely linked to infamous yakuza , attempted to take over Yowa Real Estate by becoming majority shareholders, as

6800-671: Was a liquefied natural gas project in Brunei , committed to in 1968. Along with Mitsubishi Bank , Mitsubishi Corporation played a central role in international trading for other constituents of the former Mitsubishi zaibatsu during the postwar era, such as Mitsubishi Heavy Industries and the Mitsubishi Motor Company , forming a major keiretsu business group centered around the Second Friday Conference ( Kinyo-kai ) of company managers. Mitsubishi

6885-432: Was criticized (particularly by non-Japanese investors) as a possible violation of antitrust law . Since 1993, the Friday Conference has officially been held as a social function, and not for the purpose of discussing or coordinating business strategy. Despite this, the Friday Conference has been a venue for informal cooperation and coordination between the group companies, most notably in bailing out Mitsubishi Motors during

6970-400: Was mostly into related fields. It entered into coal-mining to gain the coal needed for ships, bought a shipbuilding yard from the government to repair the ships it used, founded an iron mill to supply iron to the shipbuilding yard, started a marine insurance business to cater for its shipping business, and so forth. Later, the managerial resources and technological capabilities acquired through

7055-691: Was placed in charge of the Tosa clan's trading operation, Tsukumo Shokai , based in Osaka . This company changed its name in the following years to Mitsukawa Shokai and then to Mitsubishi Shokai . Around 1871, the company was renamed Mitsubishi Steamship Company and began a mail service between Yokohama and Shanghai with government sponsorship. Under Iwasaki's leadership in the late 1800s, Mitsubishi diversified its business into insurance ( Tokio Marine Insurance Company and Meiji Life Insurance Company ), mining (Takashima Coal Mine) and shipbuilding. Following his death in 1885, his successor Yanosuke Iwasaki merged

7140-417: Was the largest Japanese general trading company from the late 1960s until the mid-1980s; after falling to fifth place in 1986, it embarked on a series of large overseas acquisitions together with other companies in the Mitsubishi group. By 2015 Mitsubishi was again the top-ranked general trading company by net earnings. However, Mitsubishi saw its first postwar net loss in the fiscal year ended March 2016, amid

7225-541: Was the primary fighter of the Imperial Navy . Production of these equipments made Mistubishi factories one of the main targets for allies attack, and in one factory the death toll among its workers amounted to 494 in just a week. Mitsubishi Mining was involved in the forced labour of Allied prisoners of war and people from Japan's colonies and occupied territories such as Korea and parts of China. The company's Iizuka mine counted 19 deaths of Chinese labourers during

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