For the pen company of this name, seeuni-ball.
Miningshipbuildingtelecomfinancial servicesinsuranceelectronicsautomotive, construction,heavy industriesoil and gasreal estate, foods and beverages,chemicals, steel, aviation and others
TheMitsubishi Group(,Mitsubishi Gurpu, also known as theMitsubishi Group of CompaniesorMitsubishi Companies, and informally as theMitsubishiKeiretsu)is a group of autonomous Japanese multinational companies in a variety of industries.
It is historically descended from theMitsubishizaibatsu, a unified company which existed from 1870, founded byIwasaki Yatar, to 1947 and was disbanded during theoccupation of JapanfollowingWorld War II. The former constituents of the company continue to share the Mitsubishibrandandtrademark. 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 four main companies in the group areMUFG Bank(the largest bank in Japan),Mitsubishi Corporation(ageneral trading company),Mitsubishi ElectricandMitsubishi Heavy Industries(both being diversified manufacturing companies).
The Mitsubishi company was established as ashippingfirm byYatar Iwasaki(18341885) in 1870. In 1873, its name was changed toMitsubishi Shokai. The nameMitsubishi()consists of two parts:mitsumeaning three andhishi(which becomesbishiunderrendaku) meaningwater caltrop(also called water chestnut), and hencerhombus, which is reflected in the companyslogo. It is also translated as three diamonds.1
Mitsubishi was established in 1870, two years after theMeiji 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 amarine insurancebusiness to cater for its shipping business, and so forth. Later, the managerial resources and technological capabilities acquired through 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.2
In 1881, the company bought intocoal miningby acquiring the Takashima Mine, followed byHashima Islandin 1890, using the production to fuel their extensivesteamshipfleet. They also diversified into shipbuilding,bankinginsurance, warehousing, and trade. Later diversification carried the organization into such sectors aspapersteelglass, electrical equipment,aircraftoil, andreal estate. As Mitsubishi built a broadly basedconglomerate, it played a central role in the modernization of Japanese industry.3
In February 1921, theMitsubishi Internal Combustion Engine Manufacturing Companyin Nagoya invited BritishSopwith CameldesignerHerbert Smith, along with several other former Sopwith engineers to assist in creating an aircraft manufacturing division. After moving to Japan, they designed theMitsubishi 1MTMitsubishi B1MMitsubishi 1MF, andMitsubishi 2MR.
The merchant fleet entered into a period of diversification that would eventually result in the creation of three entities:
Mitsubishi Bank(now a part of theMitsubishi UFJ Financial Group) was founded in 1919. After its mergers with the Bank of Tokyo in 1996, andUFJ Holdingsin 2004, this became Japans largest bank.
Mitsubishi Corporation, founded in 1950, Japans largest general trading company
Mitsubishi Heavy Industries, which includes these industrial companies:
Mitsubishi Motors, the sixth-largest Japan-basedcarmanufacturer.
Mitsubishi Atomic Industry, anuclear powercompany.
Mitsubishi Chemical, the largest Japan-basedchemicalscompany
Mitsubishi Hitachi Power Systems, a power generation division
Nikon Corporation, specializing in optics and imaging.
The firms prime real estate holdings in theMarunouchidistrict of Tokyo, acquired in 1890, were spun off in 1937 to formMitsubishi Estate, now one of the largest real estate development companies in Japan.4
During the Second World War, Mitsubishi manufactured military aircraft under the direction of Dr.Jiro Horikoshi. TheMitsubishi A6M Zerowas a primary Japanese naval fighter inWorld War II. It was used byImperial Japanese Navypilots throughout the war, including inkamikazeattacks during the later stages.Alliedpilots were astounded by its maneuverability, and it was very successful in combat until the Allies devised tactics to use their advantage in armor and diving speed.5678910111213
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 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 Mining during the war.14On 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.15
Mitsubishi was involved in theopiumtrade in China during this period.16
Mitsubishi was among a number of major Japanese companies targeted for dissolution during theoccupation of 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 name and trademarks. These restrictions were lifted in 1952, as theKorean Wargenerated a need for a stronger industrial base in Japan. Mitsubishi Corporation and Mitsubishi Heavy Industries, which had themselves been broken up into many smaller entities, again coalesced by the mid-1950s.17
Mitsubishi companies participated in Japans unprecedented economic growth of the 1950s and 1960s. For example, as Japan modernized its energy and materials industries, the Mitsubishi companies created Mitsubishi Petrochemical, Mitsubishi Atomic Power Industries, Mitsubishi Liquefied Petroleum Gas, and Mitsubishi Petroleum Development. The traditional Mitsubishi emphasis on technological development was in new ventures in such fields as space development, aviation, ocean development, data communications, computers, and semiconductors. Mitsubishi companies also were active in consumer goods and services.
In 1970, Mitsubishi companies established the Mitsubishi Foundation to commemorate the centennial anniversary of the founding of the first Mitsubishi company. The companies also individually maintain charitable foundations. Mitsubishi pavilions have been highlights of expositions in Japan since EXPO70 in Osaka in the 1970s to 1980s.
Mitsubishi, along with other manufacturers, was affected by theKobe Steel scandalin 2017, which – involved falsified data for products supplied to the aerospace, car and electric power industries.
On November 28, 2018, theSouth Korea Supreme Courtordered Mitsubishi Heavy Industries, which serves as one of Mitsubishis core companies, to pay 10 Koreans 150m won ($133,000; 104,000) in compensation for forced labor which it oversaw during the Japanese occupation of Korea.181918 family members of other victims of the forced labour which Mitsubishi Heavy Industries oversaw and who sued sometime before 2008 will also be awarded compensation as well.19All 28 plaintiffs had previously filed a lawsuit in Japan, but had their lawsuit dismissed by theSupreme Court of Japanin 2008.19The Japanese Government has responded to the courts decision that it is a breach of the international law, citingthe agreement between the two countries.
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 the shares of the others.
Twenty-nine of the group companies participate in the Friday Conference(,Kiny-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 ofantitrust 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 outMitsubishi Motorsduring the mid 2000s.20
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.20
Three of the group companies are informally known as the Three Great Houses(,go-san-ke)and hold a separate coordinating meeting prior to each Friday Conference:20
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):20
The Dia Foundation for Research on Ageing Societies
Mitsubishi Corporate Name and Trademark Committee
Nippon Crown(sold toDaiichi Kosho Companyin 2001)
Mitsubishi Pencil Company(not a part of the Mitsubishi
Technology and Industrial Development in Japan
. Oxford University Press. p.76.ISBN
The History of Mitsubishi Group. GearHeads. 19 May 2012
Hawks, Chuck.The Best Fighter Planes of World War II. chuckhawks.com. Retrieved: 30 July 2015.
Mersky, Peter B. (Cmdr. USNR).Time of the Aces: Marine Pilots in the Solomons, 19421944.
Archived copy. Archived fromthe originalon 2016-03-05
Mitsubishi Materials apologizes for using U.S. POWs as slave labor.
Japanese Capitalism Since 1945: Critical Perspectives
Mitsubishi payout ordered over WW2 labour. 29 November 2018 via
Japanzaibatsukeiretsu, and moderncorporate groups
Second tier zaibatsu (preceding World War II)
Big 6 Keiretsu (until roughly 10 years afterJapan bubbleended in 1991)
UFJ(originated from Sanwa Group, later renamed to Midori Kai)
Multinational companies headquartered in Japan
This page was last edited on 21 September 2019, at 04:43