Yataro Iwasaki
Encyclopedia
Iwasaki Yatarō was a Japanese
financier
and shipping
industrialist, and the founder of Mitsubishi
.
, Tosa
province (now Kōchi Prefecture
), the great-grandson of a man who had sold his family's samurai
status in obligation of debts. Iwasaki began his career as an employee of the Tosa clan. The clan had business interests in many parts of Japan.
Iwasaki left for Edo (now Tokyo
) aged nineteen for his education. He interrupted his studies a year later when his father was seriously injured in a dispute with the village headman. When the local magistrate refused to hear his case, Iwasaki accused him of corruption and was sent to prison for seven months. After his release, Iwasaki was without a job for a time before finding work as a teacher.
Returning to Edo, he socialised with political activists and studied under the reformist Yoshida Toyo, who influenced him with ideas of opening and developing the then-closed nation through industry and foreign trade. Through Yoshida, he found work as a clerk for the Tosa government, and bought back his family's samurai status. He was promoted to the top position at the Tosa clan's trading office in Nagasaki, responsible for trading camphor oil and paper to buy ships, weapons, and ammunition.
Following the Meiji Restoration
in 1868, which forced the disbandment of the shogunate's business interests, Iwasaki travelled to Osaka
and leased the trading rights for the Tosa clan's Tsukumo Trading Company. The company changed its name to Mitsubishi
in 1873.
Mitsubishi was initially blamed for an incident on the island of Formosa (now Taiwan
) where fifty-four Japanese fishermen died. The situation eventually improved, and the company was given the right to operate government ships transporting men and material to Taiwan. The company began to flourish again. The shipping company also carried troops to put down a rebellion in Kyushu
.
Subsequently he invested in mining, ship repair, and finance. In 1884 he took a lease on the Nagasaki Shipyard, which allowed the company to undertake shipbuilding on a large scale, and renamed it Nagasaki Shipyard & Machinery Works.
Iwasaki Yatarō often gave dinners for dignitaries, spending a huge amount of money on these occasions, but he also made many friends who later helped him by doing favors.
Yatarō died of stomach cancer aged 50, and was succeeded as the head of the family business first by his brother, and later his son, Hisaya.
Japanese people
The are an ethnic group originating in the Japanese archipelago and are the predominant ethnic group of Japan. Worldwide, approximately 130 million people are of Japanese descent; of these, approximately 127 million are residents of Japan. People of Japanese ancestry who live in other countries...
financier
Financier
Financier is a term for a person who handles typically large sums of money, usually involving money lending, financing projects, large-scale investing, or large-scale money management. The term is French, and derives from finance or payment...
and shipping
Shipping
Shipping has multiple meanings. It can be a physical process of transporting commodities and merchandise goods and cargo, by land, air, and sea. It also can describe the movement of objects by ship.Land or "ground" shipping can be by train or by truck...
industrialist, and the founder of Mitsubishi
Mitsubishi
The Mitsubishi Group , Mitsubishi Group of Companies, or Mitsubishi Companies is a Japanese multinational conglomerate company that consists of a range of autonomous businesses which share the Mitsubishi brand, trademark and legacy...
.
Early life
Iwasaki was born in a provincial farming family in AkiAki, Kochi
is a city located in Kōchi, Japan on the island of Shikoku.As of 2010, the city has an estimated population of 19,882 and the density of 64.4 persons per km². The total area is 317.34 km². The heart of Aki city is located along the Japan National Route 55 and faces the Pacific Ocean to the south...
, Tosa
Tosa Province
is the name of a former province of Japan in the area that is today Kōchi Prefecture on Shikoku. Tosa was bordered by Iyo and Awa Provinces. It was sometimes called .-History:The ancient capital was near modern Nankoku...
province (now Kōchi Prefecture
Kochi Prefecture
is a prefecture of Japan located on the south coast of Shikoku. The capital is the city of Kōchi.- History :Prior to the Meiji Restoration, Kōchi was known as Tosa Province and was controlled by the Chosokabe clan in the Sengoku period and the Yamauchi family during the Edo period.- Geography...
), the great-grandson of a man who had sold his family's samurai
Samurai
is the term for the military nobility of pre-industrial Japan. According to translator William Scott Wilson: "In Chinese, the character 侍 was originally a verb meaning to wait upon or accompany a person in the upper ranks of society, and this is also true of the original term in Japanese, saburau...
status in obligation of debts. Iwasaki began his career as an employee of the Tosa clan. The clan had business interests in many parts of Japan.
Iwasaki left for Edo (now Tokyo
Tokyo
, ; officially , is one of the 47 prefectures of Japan. Tokyo is the capital of Japan, the center of the Greater Tokyo Area, and the largest metropolitan area of Japan. It is the seat of the Japanese government and the Imperial Palace, and the home of the Japanese Imperial Family...
) aged nineteen for his education. He interrupted his studies a year later when his father was seriously injured in a dispute with the village headman. When the local magistrate refused to hear his case, Iwasaki accused him of corruption and was sent to prison for seven months. After his release, Iwasaki was without a job for a time before finding work as a teacher.
Returning to Edo, he socialised with political activists and studied under the reformist Yoshida Toyo, who influenced him with ideas of opening and developing the then-closed nation through industry and foreign trade. Through Yoshida, he found work as a clerk for the Tosa government, and bought back his family's samurai status. He was promoted to the top position at the Tosa clan's trading office in Nagasaki, responsible for trading camphor oil and paper to buy ships, weapons, and ammunition.
Following the Meiji Restoration
Meiji Restoration
The , also known as the Meiji Ishin, Revolution, Reform or Renewal, was a chain of events that restored imperial rule to Japan in 1868...
in 1868, which forced the disbandment of the shogunate's business interests, Iwasaki travelled to Osaka
Osaka
is a city in the Kansai region of Japan's main island of Honshu, a designated city under the Local Autonomy Law, the capital city of Osaka Prefecture and also the biggest part of Keihanshin area, which is represented by three major cities of Japan, Kyoto, Osaka and Kobe...
and leased the trading rights for the Tosa clan's Tsukumo Trading Company. The company changed its name to Mitsubishi
Mitsubishi
The Mitsubishi Group , Mitsubishi Group of Companies, or Mitsubishi Companies is a Japanese multinational conglomerate company that consists of a range of autonomous businesses which share the Mitsubishi brand, trademark and legacy...
in 1873.
Mitsubishi
Yatarō became president of Mitsubishi in March 1870. The name Mitsubishi is a compound of mitsu ("three") and hishi (literally, "water chestnut", often used in Japanese to denote a diamond or rhombus). Its emblem was a combination of the Iwasaki family crest and the oak-leaf crest of the Yamanouchi family, who were leaders of the Tosa clan, which controlled the part of Shikoku where Yatarō was born.Mitsubishi was initially blamed for an incident on the island of Formosa (now Taiwan
Taiwan
Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...
) where fifty-four Japanese fishermen died. The situation eventually improved, and the company was given the right to operate government ships transporting men and material to Taiwan. The company began to flourish again. The shipping company also carried troops to put down a rebellion in Kyushu
Kyushu
is the third largest island of Japan and most southwesterly of its four main islands. Its alternate ancient names include , , and . The historical regional name is referred to Kyushu and its surrounding islands....
.
Subsequently he invested in mining, ship repair, and finance. In 1884 he took a lease on the Nagasaki Shipyard, which allowed the company to undertake shipbuilding on a large scale, and renamed it Nagasaki Shipyard & Machinery Works.
Iwasaki Yatarō often gave dinners for dignitaries, spending a huge amount of money on these occasions, but he also made many friends who later helped him by doing favors.
Yatarō died of stomach cancer aged 50, and was succeeded as the head of the family business first by his brother, and later his son, Hisaya.