Word: mitsubishi
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Dates: during 1950-1959
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...that dropped out of sight during the occupation, none seemed to disappear more completely than the zaibatsu, the huge cartels controlled since the Meiji Era (1868-1912) by a handful of great Japanese families. To shatter the economic foundation of Japanese militarism, U.S. authorities split such prominent family combines-Mitsubishi, Mitsui and all the rest -into hundreds of small firms, and the Japanese government itself adopted Western-inspired antitrust laws. But zaibatsu, like many another Japanese tradition, proved tougher than reform. Last week the influence and power of the zaibatsu sprawled once more across the length and breadth of Japan...
...mergers, interlocking directorates and subtle cooperation, all the major groups are together again, forming giant corporations. The three biggest-Mitsui, Mitsubishi, Sumitomo-already account for well over 35% of Japan's total commercial and industrial business. Mitsubishi controls 22 major firms with 189 subsidiaries, produces 37% of Japan's ship tonnage, 57% of its sheet glass, 20% of its electrical machinery. Profits before taxes last year: $77.5 million, on sales of $2.3 billion, plus banking and insurance operations. Rival Mitsui, which reported $2.8 billion in sales and $85 million in profits in 1957, controls 24 major firms with...
...different stripe than their prewar predecessors. Single families, or single firms no longer control the great combines. The zaibatsu depend for leadership on the financiers of their powerful banks, have set up central liaison councils with euphemistic names designed to attract as little attention as possible. Mitsubishi's "Friday Club," presided over by blunt, crop-haired Mitsubishi Trading President Katsujiro Takagaki, 66, is simply a bimonthly meeting, of 22 Mitsubishi company presidents, who continue the cementing process by arranging loans and raising funds for brother companies...
Since Kishi became premier a year ago. Sato has been giving him support, explaining that "to be a successful politician one must always be with the main current." His appointment last week caused the stock of Mitsubishi, one of Japan's monster combines, to rise. Sato has such close contacts with Japanese big business and such a private information service that his nickname is "Hayamimi' (Fast Ears...
ATOMIC SUBMARINE tanker is on the drawing boards of Japan's Mitsubishi Heavy-Industries Ltd. Nuclear-powered undersea craft will do 22 knots, carry 30,000 tons of oil, measure 540 ft. by 69 ft., to dwarf the first U.S. atom sub Nautilus. Snorkel craft will be able to stay submerged for a month straight, safe from turbulent storms. Cost: about twice as much as conventional tanker of same size...