The face of Shibusawa Eiichi appears on the 10,000 yen note issued in Japan as of July 2024, a testament to his role in transforming the nation’s economy. Born in the Hanzawa district in 1840, he transitioned from a farmer to the central figure behind the introduction of Western-style capitalism during the Meiji Restoration.
Architect of Modern Finance
Shibusawa introduced fundamental reforms including double-entry accounting and the establishment of joint-stock corporations. He founded The First National Bank, known as Dai Ichi Kokuritsu Ginkō, which served as the first modern bank in Japan with the power to issue currency. Through this financial base, he catalyzed the creation of hundreds of firms, many of which remain active on the Tokyo Stock Exchange, an institution he also helped establish.
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His influence spanned numerous sectors, including the Imperial Hotel, Tokyo Rope Manufacturing, Dai Nippon Beer, Toyobo, and Den'en Toshi. Beyond individual enterprises, he founded the Tokyo Chamber of Commerce and Industry. He maintained a diverse professional portfolio as a businessperson, entrepreneur, economist, and banker, while also serving as a member of the House of Peers from 1890 to 1891.
Civic Contributions and Recognition
Shibusawa supported the founding of hospitals, schools, and universities, including institutions for women. He chaired the Armenian Relief Committee of Japan, providing aid during the Late Ottoman genocides. His career earned him numerous honors, including the Order of the Rising Sun with Paulownia Flowers, 1st class, awarded in 1928, and several classes of the Order of the Sacred Treasure. He died in 1931 at Nishigahara and is buried at Yanaka Cemetery.
Fast facts
- Born: 1840, Hanzawa district
- Died: 1931, Nishigahara
- Known as: Father of Japanese capitalism
- Major founding: The First National Bank
- Public service: Member of the House of Peers, 1890-1891
- Highest honor: Order of the Rising Sun with Paulownia Flowers, 1st class (1928)
- Burial site: Yanaka Cemetery
Questions readers ask
Did Shibusawa control the companies he founded?
No, he refused to maintain a controlling stake in the hundreds of corporations he established, which prevented him from forming a traditional zaibatsu.
Was Shibusawa involved in international banking?
Yes, he owned the Korea First Bank, which issued bank notes bearing his likeness in 1902.
Achievements
- Order of the Rising Sun with Paulownia Flowers, 1st class — 1928
- Order of the Rising Sun, 1st class — 1915
- Order of the Sacred Treasure, 1st Class — 1911
- Order of the Sacred Treasure, 3rd class — 1902
- Order of the Sacred Treasure, 4th class — 1892
- Affiliated with Nishogakusha University, Daiichi Bank and Nippon Railway
