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The MITSUBISHI GROUP (三菱グループ, Mitsubishi
Mitsubishi
Gurūpu, also known as the MITSUBISHI GROUP OF COMPANIES or MITSUBISHI COMPANIES, and informally as the MITSUBISHI KEIRETSU ) is a group of autonomous Japanese multinational companies in a variety of industries. Its total revenue is about 1.4% percent of Japan's GDP.

It is historically descended from the MITSUBISHI zaibatsu , a unified company which existed from 1870
1870
, founded by Yataro Iwasaki , to 1947 and was disbanded during the occupation of Japan
Japan
following World War II . The former constituents of the company continue to share the Mitsubishi
Mitsubishi
brand , trademark , and legacy. Although the group companies participate in limited business cooperation, most famously through monthly "Friday Conference" executive meetings, they are formally independent and are not under common control. The three main companies in the group are The Bank of Tokyo-Mitsubishi UFJ (the largest bank in Japan), Mitsubishi Corporation (a general trading company ) and Mitsubishi Heavy Industries
Mitsubishi Heavy Industries
(a diversified manufacturing company).

CONTENTS

* 1 History

* 1.1 World War II
World War II
* 1.2 Post-war era

* 2 Mitsubishi
Mitsubishi
companies

* 2.1 Business form * 2.2 Core members * 2.3 Other members * 2.4 Related organizations

* 3 See also * 4 References * 5 External links

HISTORY

Yatarō Iwasaki , the founder of Mitsubishi.

The Mitsubishi
Mitsubishi
company was established as a shipping firm by Yatarō Iwasaki (1834–1885) in 1870. In 1873, its name was changed to Mitsubishi
Mitsubishi
Shokai. The name Mitsubishi
Mitsubishi
(三菱) consists of two parts: "mitsu" meaning "three" and "hishi" (which becomes "bishi" under rendaku ) meaning "water caltrop " (also called "water chestnut"), and hence "rhombus ", which is reflected in the company's logo . It is also translated as "three diamonds".

Mitsubishi
Mitsubishi
was established in 1870, two years after the Meiji Restoration , with shipping as its core business. Its diversification 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 the operation of shipbuilding were utilized 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 the organization into such sectors as paper , steel , glass , electrical equipment, aircraft , oil , and real estate . As Mitsubishi
Mitsubishi
built a broadly based conglomerate , it played a central role in the modernization of Japanese industry.

In February 1921, the Mitsubishi
Mitsubishi
Internal Combustion Engine Manufacturing Company in Nagoya invited British Sopwith Camel designer Herbert Smith , along with several other former Sopwith engineers to assist in creating an aircraft manufacturing division. After moving to Japan, they designed the Mitsubishi 1MT , Mitsubishi B1M , Mitsubishi 1MF , and Mitsubishi 2MR .

The merchant fleet entered into a period of diversification that would eventually result in the creation of three entities:

* Mitsubishi
Mitsubishi
Bank
Bank
(now a part of the Mitsubishi
Mitsubishi
UFJ Financial Group ) was founded in 1919. After its mergers with the Bank
Bank
of Tokyo
Tokyo
in 1996, and UFJ Holdings in 2004, this became Japan's largest bank. * Mitsubishi Corporation , founded in 1950, Japan's largest general trading company

* Mitsubishi Heavy Industries
Mitsubishi Heavy Industries
, which includes these industrial companies:

* Mitsubishi Motors , the sixth-largest Japan-based car manufacturer. * Mitsubishi
Mitsubishi
Atomic Industry, a nuclear power company. * Mitsubishi Chemical , the largest Japan-based chemicals company * Mitsubishi
Mitsubishi
Power Systems, a power generation division * Nikon
Nikon
Corporation , specializing in optics and imaging.

The firm's prime real estate holdings in the Marunouchi
Marunouchi
district of Tokyo, acquired in 1890, were spun off in 1937 to form Mitsubishi Estate , now one of the largest real estate development companies in Japan.

WORLD WAR II

Mitsubishi A6M
Mitsubishi A6M
"Zero" fighter

During the Second World War, Mitsubishi
Mitsubishi
manufactured military aircraft under the direction of Dr. Jiro Horikoshi . The Mitsubishi A6M ("Zero") was a primary Japanese naval fighter in World War II
World War II
. It was used by Imperial Japanese Navy
Imperial Japanese Navy
pilots throughout the war, including in kamikaze attacks during the later stages. Allied pilots were astounded by its maneuverability, and it was very successful in combat until the Allies devised tactics to utilize their advantage in armor and diving speed.

Mitsubishi
Mitsubishi
made use of forced labor during this tenure. Laborers included allied POWs, as well as Chinese citizens. In the post-war period, lawsuits and demands for compensations were presented against the Mitsubishi
Mitsubishi
Corporation, in particular by former Chinese workers. On July 24, 2015, the company agreed to formally apologize for this wartime labor, and compensated 3765 Chinese laborers who were conscripted to Mitsubishi
Mitsubishi
Mining
Mining
during the war. On July 19, 2015, the company apologized for using American soldiers as slave laborers during World War II, making them the first major Japanese company to apologize for doing so.

Mitsubishi
Mitsubishi
was involved in the opium trade in China during this period.

POST-WAR ERA

Mitsubishi
Mitsubishi
was among a number of major Japanese companies targeted for dissolution during the occupation of Japan
Japan
. It was broken up into a large number of smaller enterprises whose stock was offered to the public. For several years, these companies were banned from coordinating with each other and from using the Mitsubishi
Mitsubishi
name and trademarks. These restrictions were lifted in 1952, as the Korean War generated a need for a stronger industrial base in Japan. Mitsubishi Corporation and Mitsubishi
Mitsubishi
Heavy Industries, which had themselves been broken up into many smaller entities, again coalesced by the mid-1950s.

Mitsubishi
Mitsubishi
companies participated in Japan's unprecedented economic growth of the 1950s and 1960s. For example, as Japan
Japan
modernized its energy and materials industries, the Mitsubishi
Mitsubishi
companies created Mitsubishi
Mitsubishi
Petrochemical, Mitsubishi
Mitsubishi
Atomic Power Industries, Mitsubishi
Mitsubishi
Liquefied Petroleum
Petroleum
Gas, and Mitsubishi
Mitsubishi
Petroleum Development. The traditional Mitsubishi
Mitsubishi
emphasis on technological development was in new ventures in such fields as space development, aviation, ocean development, data communications, computers, and semiconductors. Mitsubishi
Mitsubishi
companies also were active in consumer goods and services.

In 1970, Mitsubishi
Mitsubishi
companies established the Mitsubishi
Mitsubishi
Foundation to commemorate the centennial anniversary of the founding of the first Mitsubishi
Mitsubishi
company. The companies also individually maintain charitable foundations. Mitsubishi
Mitsubishi
pavilions have been highlights of expositions in Japan
Japan
since EXPO'70 in Osaka in the 1970s to 1980s.

MITSUBISHI COMPANIES

The Tokyo
Tokyo
Building , the headquarters building of Mitsubishi Electric Corporation in Tokyo. Mitsubishi
Mitsubishi
EDM/Laser office in North America.

BUSINESS FORM

The Mitsubishi
Mitsubishi
Group is made up of about 40 individual companies with no controlling parent company. Each of the Mitsubishi
Mitsubishi
companies owns substantial (but usually not controlling) portions of 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. However, by the 1990s, this practice 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 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.

CORE MEMBERS

Three of the group companies are informally known as the "Three Great Houses" (御三家, go-san-ke) and hold a separate coordinating meeting prior to each Friday Conference:

* The Bank of Tokyo-Mitsubishi UFJ * Mitsubishi Corporation * Mitsubishi Heavy Industries
Mitsubishi Heavy Industries

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):

* Asahi Glass
Glass
Co. * Kirin Company * Meiji Yasuda Life * Mitsubishi Chemical Corporation * Mitsubishi Electric * Mitsubishi Estate * Mitsubishi Materials * Mitsubishi UFJ Trust and Banking Corporation * NYK Line ( Nippon Yusen Kabushiki Kaisha) * Tokio Marine Nichido

OTHER MEMBERS

* JX Holdings * Mitsubishi
Mitsubishi
FUSO Truck "> The main campus of Seikei University

* Atami Yowado * Chitose Kosan * Dai Nippon Toryo * The Dia Foundation for Research on Ageing Societies * Diamond Family Club * Kaitokaku * Koiwai Noboku Kaisha * LEOC Japan
Japan
* Marunouchi
Marunouchi
Yorozu * Meiwa Corp. * Mitsubishi
Mitsubishi
C">

* ^ The Mitsubishi
Mitsubishi
Mark * ^ Odagiri, Hiroyuki (1996). Technology and Industrial Development in Japan. Oxford University Press. p. 76. ISBN 0-19-828802-6 . * ^ "The History of Mitsubishi
Mitsubishi
Group". GearHeads. 19 May 2012. Retrieved 25 October 2012. * ^ "History". Mitsubishi Estate Co., Ltd. Retrieved 7 September 2015. * ^ Wilcox, Richard (9 November 1942). "The Zero". Life Magazine. * ^ Jablonski, Edward. Airwar. New York: Doubleday & Co., 1979. ISBN 0-385-14279-X . * ^ Green and Swanborough 2001 * ^ Hawks, Chuck. "The Best Fighter Planes of World War II". chuckhawks.com. Retrieved: 30 July 2015. * ^ Young, Edward M. (2013). F4F Wildcat vs A6M Zero-sen. Osprey Publishing. p. 36. ISBN 9781780963228 . * ^ Thompson with Smith 2008, p. 231. * ^ Mersky, Peter B. (Cmdr. USNR). "Time of the Aces: Marine Pilots in the Solomons, 1942–1944." ibiblio.org. Retrieved: 30 July 2015. * ^ Angelucci and Matricardi 1978, p. 138. * ^ Willmott 1980, pp. 40–41. * ^ http://articles.economictimes.indiatimes.com/2015-07-24/news/64817007_1_mitsubishi-materials-chinese-victims-compensation * ^ " Mitsubishi Materials apologizes for using U.S. POWs as slave labor". Reuters. 20 July 2015. Retrieved 19 July 2015. * ^ Hastings, Max (2007). Retribution. New York: Vintage. p. 413. ISBN 978-0-307-27536-3 . * ^ Morris-Suzuki, Tessa, ed. Japanese Capitalism Since 1945: Critical Perspectives. p. 109. CS1 maint: Extra text: authors list (link ) * ^ A B C D "三菱グループの最高決定機関「金曜会」の知られざる権力構造と裏序列". Shukan Diamond. 25 January 2016. Retrieved 28 April 2016.

EXTERNAL LINKS

Wikimedia Commons has media related to MITSUBISHI .

* Portal
Portal
website for

.