Now and Yen Part 3: Shibusawa Eiichi

Shibusawa Eiichi, 1st Viscount (shishaku) is known as the father of Japanese capitalism. After the opening of Japan to the outside world in 1854, the following Meiji Period (1868 to 1912) was a period of rapid modernization and growth, marked by a widespread adoption of "Western" societal norms. Viscount Shibusawa introduced double-entry accounting, joint stock corporations, and modern bank notes to Japan. The last of which is particularly appropriate because he has been selected to appear on the new Japanese 10,000 yen, appearing this year.

Born on March 16, 1840, in a farmhouse in Chiaraijima (located in present-day Fukaya, Saitama Prefecture), Shibusawa's early education included reading and writing under the guidance of his father. Engaged in the family's dry field farming, indigo production and sale, and silk raising, he later delved into the study of Confucian classics and Japanese history, guided by his cousin, the scholar Odaka Junchu.

Influenced by the sonnō jōi (expel the barbarians; revere the emperor) sentiment, Shibusawa, along with cousins and friends, initially planned to capture Takasaki Castle and set fire to the foreign settlement in Yokohama. However, this plan was abandoned, leading him to Kyoto.

Departing from his hometown at the age of twenty-three, Shibusawa joined the service of Hitotsubashi Yoshinobu, who was in line for the position of shōgun. He helped strengthen the household finances of the Hitotsubashi family.

At twenty-seven, Shibusawa embarked on a journey to France and other European countries as part of Tokugawa Akitake's delegation to the Exposition Universelle in 1867. This experience exposed him to modern European societies, instilling in him an understanding of the significance of industrial and economic development.

Upon returning to Japan amid the Meiji Restoration, Shibusawa established the Shōhō Kaishō, one of the country's first joint-stock companies, in Shizuoka Prefecture. Invited by the Meiji government to join the Ministry of Finance, he played a pivotal role in modernizing Japan as the head of the Kaisei Kakari.

In 1873, Shibusawa resigned from the Ministry of Finance and assumed the presidency of Dai-ichi Bank, Japan's first modern bank. Using this as a foundation, he dedicated himself to founding and supporting over five hundred enterprises, including prominent entities like Mizuho Financial Group, The 77 Bank, and Tokyo Stock Exchange.

Throughout his life, Shibusawa advocated for the harmonization of good ethics and business. He actively participated in numerous projects related to education, social welfare, and private-sector diplomacy, fostering goodwill across national boundaries.

In 1902, Shibusawa undertook a diplomatic mission to Germany, France, and the United Kingdom, furthering his efforts in promoting international exchange.

In 1908, Shibusawa and Japanese business leaders welcomed the first official U.S. Business delegation to Japan. This initiative aimed to enhance diplomatic ties and foster increased business and commerce.

In 1909, as a reciprocal gesture, the Associated Chambers of Commerce of the Pacific Coast invited Shibusawa and his delegation to tour 53 cities across the United States, covering 11,000 miles over three months.

In 1915, Shibusawa's visit to the United States was commemorated with a dinner event hosted by the Japan Society of Manhattan, attended by distinguished guests, including former U.S. Presidents Theodore Roosevelt and William Howard Taft.

Shibusawa's commitment to democracy and international goodwill extended beyond business ventures. In 1917, he and Prince Iyesato Tokugawa published a condolence booklet expressing sympathy for the suffering caused by World War One, emphasizing Japan's support for her democratic allies.

In 1927, Viscount Shibusawa worked on the Frendship Dolls project. The group sent 12,739 American dolls to Japan in time for the springtime hinamatsuri doll festival. The dolls were distributed through kindergartens and elementary schools across Japan to encourage peaceful exchange between America and Japan. Shibusawa then led the production of a reciprocal gift of 58 friendship dolls, representing the 47 prefectures of Japan, four territories, six major cities, and one doll representing the entire nation of Japan. The dolls arrived in San Francisco in November of that year, and went on a tour of 479 cities across the US. Each state received at least one doll. Miss Dai Nippon (Miss Greater Japan) is currently in the collection of the Smithsonian Institution.

In his later years, Shibusawa continued his involvement in diplomatic ceremonies, honoring figures such as Townsend Harris, and passed away at the age of ninety-one on November 11, 1931.