The major companies of the group include Mitsui & Co. (general trading company ), Sumitomo Mitsui Banking Corporation , Sapporo Breweries , Toray Industries , Mitsui Chemicals , Isetan Mitsukoshi Holdings , Sumitomo Mitsui Trust Holdings , Mitsui Engineering "> SURUGACHO (SURUGA STREET) (1856), from One Hundred Famous Views of Edo , by Hiroshige , depicting the Echigoya kimono and money exchange store with Mount Fuji in background. Currently, the Mitsui Main Building (三井本館), which houses Sumitomo Mitsui Banking Corporation , Mitsui Fudosan, The Chuo Mitsui Trust and Banking Co. and Mitsui Memorial Museum , is located on the right side of the street. Mitsukoshi department store is on the left side. Mitsui Main Building and Nihonbashi Mitsui Tower
Founded by Mitsui Takatoshi (1622–1694), who was the fourth son of a shopkeeper in Matsusaka , in what is now today's Mie prefecture . From his shop, called Echigoya (越後屋), Mitsui Takatoshi's father originally sold miso and ran a pawn shop business. Later, the family would open a second shop in Edo (now called Tokyo ).
Takatoshi moved to Edo when he was 14 years old, and later his older brother joined him. Sent back to Matsutaka by his brother, Takatoshi waited for 24 years until his older brother died before he could take over the family shop, Echigoya. He opened a new branch in 1673; a large gofukuya (kimono shop) in Nihonbashi , a district in the heart of Edo. This genesis of Mitsui's business history began in the Enpō era, which was a nengō meaning "Prolonged Wealth".
In time, the gofukuya division separated from Mitsui, and is now called Mitsukoshi . Traditionally, gofukuyas provided products made to order; a visit was made to the customer's house (typically a person of high social class or who was successful in business), an order taken, then fulfilled. The system of accountancy was called "margin transaction". Mitsui changed this by producing products first, then selling them directly at his shop for cash. At the time, this was an unfamiliar mode of operation in Japan. Even as the shop began providing dry goods to the government of the city of Edo, cash sales were not yet a widespread business practice.
At about this time, Edo's government had struck a business deal with Osaka . Osaka would sell crops and other material to pay its land tax. The money was then sent to Edo—but moving money was dangerous in middle feudal Japan . In 1683 the shogunate granted permission for money exchanges (ryōgaeten) to be established in Edo. The Mitsui "exchange shops" facilitated transfers and mitigated that known risk.
FORMATION OF MITSUI ZAIBATSU
After the Meiji Restoration , Mitsui was among the enterprises that could expand to become zaibatsu not simply because they were already big and rich at the start of modern industrial development. Firms like Mitsui and Sumitomo were led by non-family managers such as Minomura Rizaemon, who guided the business by accurately forecasting the coming political and economic situations, by acquaintance with high-ranking government officials or politicians, and bold investment.
Mitsui's main business in the early period were drapery, finance and trade, the first two being the businesses it inherited from the Tokugawa Era. It entered into mining because it acquired a mine as collateral from the loan it had made, and partly because it could buy a mine cheaply from the government, Mitsui then diversified to become the biggest business in pre-war Japan. The diversification was made mainly into related fields to take advantage of accumulated capabilities; for instance, the trading company entered into chemicals to attain forward integration.
On July 1, 1876, Mitsui Bank, Japan's first private bank, was founded with Takashi Masuda (1848–1938) serving as president. Mitsui Bank, which following a merger with Taiyō-Kobe Bank in the mid 1980s became part of Sakura Bank , survives as part of the Sumitomo Mitsui Banking Corporation . During the early 20th century, Mitsui was one of the largest zaibatsu , operating in numerous fields.
Mitsui Bank became the holding company of the Mitsui zaibatsu from 1876. It was joined as an ultimate parent company by Mitsui & Co. and Mitsui Mining in 1900, with various industrial concerns owned by various combinations of these companies and their subsidiaries.
When the United Kingdom withdrew from the gold standard in 1931, during the height of the Great Depression , Mitsui Bank and Mitsui but no actions ever took place against the company which profited from their production. According to testimony presented at the Tokyo War Crimes trials in 1948, the revenue from the narcotization policy in China, including Manchukuo , was estimated in 20 million to 30 million yen per year, while another authority stated that the annual revenue was estimated by the Japanese military at US$300 million a year.
POSTWAR DEVELOPMENT AS KEIRETSU
In 1947 and 1948, the Supreme Commander Allied Powers pressed the Japanese government to dismantle the ten largest zaibatsu conglomerates, including Mitsui. The Mitsui Group, now broken into many separate companies, reorganized itself as a horizontal coalition of independent companies in the 1950s, once the occupation of Japan had ended and some of the smaller companies were allowed to re-coalesce. The central firms in the keiretsu became Mitsui Bank and Mitsui & Co. .
Mitsui lagged somewhat behind its rivals Mitsubishi and Sumitomo Group in reorganization. Mitsui Bank, which should have been the mainstay and principal capital provider of the group, declined in size due to the collapse of the Imperial Bank after the war, which resulted in reduced cohesion of the conglomerate. Many companies that were once part of the Mitsui Group have become independent or tied to other conglomerates. Specifically, Toshiba , Toyota Motors , and Suntory , once part of the Mitsui Group, became independent, with the Toyota Group becoming a conglomerate in its own right. Ishikawajima-Harima Heavy Industries is now considered to be part of the Mizuho Group , and many companies in the Sumitomo Mitsui Financial Group are now more closely tied to the Sumitomo Group than the Mitsui Group. Recently there have been signs that Mitsubishi UFJ Financial Group and the Mitsubishi Group could be taking over other parts of the Sumitomo Mitsui Financial Group. Mitsukoshi merged into Isetan , a major department store with a close tie to the Bank of Tokyo- Mitsubishi UFJ , to form Isetan Mitsukoshi Holdings in April 2008.
MAKEUP OF THE MITSUI GROUP
Companies currently associated with the Mitsui keiretsu include Mitsui & Co. , Sumitomo Mitsui Trust Holdings , Japan Steel Works , Mitsui Chemicals , Mitsui Construction Co., Mitsui Engineering & Shipbuilding , Mitsui Fudosan , Mitsui-gold, Mitsui Mining & Smelting Co., Ltd. , Mitsui Oil Exploration Co. (MOECO), Mitsui O.S.K. Lines , Mitsui Petrochemical Industries Ltd, Mitsui-Soko, Mitsui Sumitomo Insurance Group , Oji Paper Company , Pacific Coast Recycling, Sumitomo Mitsui Banking Corporation , Taiheiyo Cement , Toray Industries , Toshiba Corporation , Tri-net Logistics Management, Mitsui Commodity Risk Management .
MITSUI COMPANIES WHICH ARE IN THE NIKKEI 225
* Mitsui & Co. * Mitsui Chemicals * Mitsui Engineering & Shipbuilding * Mitsui Fudosan * Mitsui Mining & Smelting Co., Ltd. * Mitsui O.S.K. Lines * Mitsui Sumitomo Insurance Group * Mitsui Life Insurance Co. * Mitsui-Soko Holdings * Mitsui Mining & Smelting * Nihon Unisys * JA Mitsui Leasing * Isetan Mitsukoshi Holdings * Denka * Oji Paper Company * Sumitomo Mitsui Financial Group * Sumitomo Mitsui Trust Holdings * Sumitomo Mitsui Construction * Sumitomo Mitsui Banking Corporation * Shin Nippon Air Technologies * Sapporo Brewery * Sanki Engineering * Aim Services Co., Ltd * Toray Industries * Toyo Engineering Corporation * Toshiba * Japan Steel Works
OTHER COMPANIES WITH CLOSE TIES TO THE MITSUI GROUP
* Sony * Ito-Yokado * Sagami Railway * Tokyo Broadcasting System * Kanebo ( Kao Corporation ) * Oriental Land * Toyota Group * Komatsu Limited * Vale (mining company) * Rio Tinto Group * BHP Billiton * Yamaha * Yanmar * Sims Metal Management – Mitsui owns 18% share capital in the company and is represented on its board. * Columbia Asia * IHH Healthcare Berhad – Mitsui owns 20.5% share capital in the company and is represented on its board * Abellio Greater Anglia Mitsui owns 40% share of the British rail operator.
* ^ "Member Companies". Mitsui Public Relations Committee. Retrieved 23 April 2014. * ^ Hall, John. (1970). Japan: From Prehistory to Modern Times, p. 290. * ^ Shinjō, Hiroshi. (1962). History of the Yen: 100 Years of Japanese Money-economy, p. 11. * ^ Odagiri, Hiroyuki (1996). Technology and Industrial Development in Japan. Oxford University Press. pp. 72–73. ISBN 0-19-828802-6 . * ^ Odagiri, Hiroyuki (1996). Technology and Industrial Development in Japan. Oxford University Press. p. 76. ISBN 0-19-828802-6 . * ^ A B C Grabowiecki, Jerzy (March 2006). " Keiretsu groups: their role in the Japanese economy and a reference point (or paradigm) for other countries" (PDF). JETRO. Retrieved 23 April 2014. * ^ Mitsui: Three Centuries of Japanese Business, pages 312-313, John G. Roberts, Weatherhill, ISBN 978-0-8348-0080-9 . 1991 * ^ Encyclopedia of espionage, p.315, Ronald Sydney Seth, ISBN 978-0-385-01609-4 , Doubleday, 1974
* ^ Unfinished Business, Foreign Policy, June 28, 2010 Pennington, Matthew (25 April 2015). "\'The truth needs to be told\' about Japan\'s war history, some vets say". Stars and Stripes. United States. Associated Press. Retrieved 25 April 2015.
* Hall, John Whitney. (1970). Japan: From Prehistory to Modern Times in Delacorte World History, Vol. XX. New York: Delacorte Press . ISBN 0-297-00237-6 * Shinjō, Hiroshi. (1962). History of the Yen: 100 Years of Japanese Money-economy. Kobe: Research Institute for Economics ;background:none transparent;border:none;-moz-box-shadow:none;-webkit-box-shadow:none;box-shadow:none;">v
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Japan 's zaibatsu , keiretsu , and modern corporate groups
BIG 4 ZAIBATSU (PRECEDING WORLD WAR II )
SECOND TIER ZAIBATSU (PRECEDING WORLD WAR II)
BIG 6 KEIRETSU (UNTIL ROUGHLY 10 YEARS AFTER JAPAN BUBBLE ENDED IN 1991)
* UFJ (originated from Sanwa Group, later renamed to "Midori Kai")