History Lesson on the Mitsubishi Zaibatsu

One concept you get used to when living in Japan is the ubiquitity of certain famous companies in many different industries. Take Mitsubishi, for example, a sprawling conglomorate of companies (keiretsu) that engages in everything from building cars to shipping to operating nuclear power plants and Japan’s largest bank. (They also built the Zero during World War II.) The history of Mitsubishi began in 1870, when Iwasaki Yataro founded a trading company that would become Mitsubishi Shokai, a large shipping and trading interest, which soon diversified into coal mining, banking, insurance and military procurement. The name of the company comes from mitsu (three) and hishi (water chestnut), which is shaped like a diamond, and the famous logo is based on Yataro’s family crest. The company grew quickly, eventually becoming one of the “big three” zaibatsu, along with Sumitomo and Mitsui, which wielded so much economic power that they could influence the political direction of the entire country. After World War II, all of the old zaibatsu were broken up for their role in the conflict, but all survive today as loose groups of associated companies.