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Mitsubishi Heavy-Industries
The Internal Heating Machinery Division of Kobe Mitsubishi Shipyard, then a division of Shipbuilding Division of Mitsubishi Goshi Kaisha, which would later become the original incarnation of Mitsubishi Heavy-Industries, began preparations for the manufacture of automobiles in 1917. In parallel with the production of the company's first passenger car, the Mitsubishi Model A, which was a copy of a Fiat car, four military vehicles were produced in 1920. In 1918, the Army-led Military Vehicle Subsidy Act was enacted in response to World War I, and truck production was promoted. Truck production preparations had been underway since that year. In 1931, the Manchurian Incident occurred, and in 1933, Japan withdrew from the League of Nations. As Japan became increasingly isolated, the need for economic and military strength led to the domestic production of automobiles and trucks. In addition, the acquisition of large numbers of vehicles was a major challenge due to Japan's control of vast Manchuria. Kobe Shipyard received an order from the Army to develop a prototype truck. In 1934, the TS35, a 2.5-ton 4-wheel truck, and the TSS28, a 2-ton 6-wheel truck, were produced. The following year, the 94-shiki 6-wheel truck was produced, and about 70 units were delivered to the Army by 1937. In Japan, which lacked oil resources, high-performance diesel vehicles were expected to replace gasoline vehicles. Kobe Shipyard developed a direct injection type diesel engine for automobiles, and in 1931, it produced the first domestically produced diesel engine for automobiles. In 1935, it sold the first Japanese diesel bus, the BD46, and the following year, it sold the first Japanese diesel truck, the TD45.

The Ministry of Railways was planning to expand its provincial bus network to complement the national railway network. In 1930, when the Okazaki-Tajimi line opened, vehicles manufactured by Ishikawajima Automobile Manufacturing and Tokyo Gas Electric Engineering were introduced, but they were underpowered. There was a demand for buses with powerful engines with a maximum output of around 100 horsepower. In 1932, Kobe Shipyard created the first Fuso bus, the B46, based on the American White 65A.

In 1944, Mitsubishi Heavy-Industries was designated as a military contractor and focused on the production of aircraft, tanks, and ships. After Japan's surrender on August 15, 1945, the Supreme Commander for the Allied Powers ordered the closure of military factories. In response, Mitsubishi Heavy-Industries removed shipbuilding, aircraft, torpedoes, and other weapons-related items from its articles of incorporation and replaced its management. In 1948, Mitsubishi Heavy-Industries was designated by the SCAP under the Law for the Elimination of Excessive Economic Concentration. In January 1950, it was divided into three companies: East Japan Heavy-Industries, Central Japan Heavy-Industries, and West Japan Heavy-Industries. In 1952, when the prohibition on the use of zaibatsu names was lifted, they were renamed Mitsubishi Nippon Heavy-Industries, Shin Mitsubishi Heavy-Industries, and Mitsubishi Shipbuilding & Engineering, respectively. Mitsubishi Nippon Heavy-Industries was responsible for the production and sales of large and medium-sized vehicles such as trucks and buses, as well as construction vehicles. Shin Mitsubishi Heavy-Industries was responsible for the production and sales of small and medium-sized vehicles such as passenger cars.

In November 1945, the automotive business was resumed, but Kobe Mitsubishi Shipyard was too busy with shipbuilding and repair to continue the business. Kawasaki Machinery Manufacturing produced the B1 gasoline bus in 1946, followed by the BL and BL2 models. Kyoto Machinery Manufacturing, which had focused on engine production during the war, produced the KT1 gasoline truck in 1946. Tokyo Machinery Manufacturing aimed to produce trucks, but Nissan, Toyota, and Isuzu had already started production of 5-ton trucks. Tokyo Machinery Manufacturing completed the T47, a 7-ton truck that could withstand longer-distance transportation, in 1946. However, due to the implementation of the independent accounting system for operators in 1948, the overall sales were sluggish, and by around 1949, truck and bus production was transferred and integrated to Kawasaki Machine Manufacturing.

In 1949, with the production of trucks and buses on track at Kawasaki Machine Manufacturing, which produced a total of 280 units, direct sales were being handled at each business unit. However, the establishment of a general sales company was being considered to establish an expanded sales system. In 1948, Hino Diesel Sales Company was established, followed by Toyota Motor Sales Company two years later. In December 1949, Fuso Motors Sales Company was established. In 1951, the Treaty of San Francisco was signed and went into effect the following year, allowing the use of commercial names by former zaibatsu companies. In June 1952, Fuso Motors Sales was renamed Mitsubishi Fuso Sales Company.

In 1964, Japan entered an open system with the transition to an International Monetary Fund Article 8 country and the accession to the OECD. Mitsubishi Nippon Heavy-Industries, Shin Mitsubishi Heavy-Industries, and Mitsubishi Shipbuilding & Engineering merged in June of that year to form the second incarnation of Mitsubishi Heavy Industries. This led to the integration of the automotive manufacturing division. Mitsubishi Fuso Motors, which was owned by Mitsubishi Nippon Heavy-Industries, merged with Shin Mitsubishi Motor Sales Company, which was owned by Shin Mitsubishi Heavy-Industries, and was renamed Mitsubishi Motor Sales Company.

During the Japanese economic miracle of the 1950s and 1960s, the automotive division of MHI generated sales of 200 billion yen, accounting for 30% of the company's total sales in 1969 and 1970. However, while the company held a nearly 30% share of the truck and bus market, the passenger car market was becoming increasingly dominated by Toyota and Nissan. It was judged that the automotive business could not be expanded as a division, and Mitsubishi Motors Corporation was established in April 1970. The following year, American Chrysler entered into a capital participation in Mitsubishi Motors, and it became a joint venture with Mitsubishi Heavy-Industries owning 85% and Chrysler owning 15%. Toho Towa Company, Limited. is a Japanese

History
In October 1928, a film import company specializing in European films called Towa Shoji G.K. (東和商事合同会社) was established by Nagamasa Kawakita in Kaijō Building, Marunouchi, Tokyo. At that time, American film companies such as Universal, Paramount, Fox, and United Artists had established subsidiaries in Japan. They enjoyed great popularity, with double-feature screenings and even triple-feature screenings. In contrast, European films had very little public and commercial appeal, with their popularity nearing zero. Only a few European films like the German films Die Nibelungen and Variety managed to attract attention. The company specialized solely in film importation and later established a distribution company called Kabushiki-gaisha Fuji with its office located in the Marunouchi Building. However, after a while, Kabushiki-gaisha Fuji was dissolved and merged back into Towa Shiji.

The name "Tōwa" signifies the meaning of "East" in English and "to harmonize" or "to reconcile." In other words, it aimed to symbolize the harmony and reconciliation with the East Asian region.

The first films released under the Towa Shiji credit were not feature films but rather documentary films and a feature-length silhouette animation film. The documentary film was titled Das weiße Stadion and was directed by Arnold Fanck, capturing the 1928 Winter Olympics. The other film was Die Abenteuer des Prinzen Achmed, a feature-length silhouette animation film created by Lotte Reiniger. Both films were German productions. Despite the release of several German films afterward, they failed to generate much impact or response. These films were distributed by Kabushiki-gaisha Fuji in the Kantō region, while the distribution in other regions was entrusted to Takahashi Company in Kobe.

UFA films attracted attention from various import and distribution companies, and among them, Fritz Lang's Metropolis was particularly anticipated. To acquire the distribution rights for this film, Shochiku-za, a foreign film premiere theater, established a specialized import department called Shochiku-za Import Department to ensure the premiere of films. This effort led to the provision of other films, such as Ludwig Berger's Ein Walzertraum and Lothar Mendes's Die drei Kuckucksuhren. These films were provided by the Shochiku-za Import Department and later distributed nationwide by Takahashi Shokai Film Department, with the distribution rights later transferred to Towa Shoji. Shochiku-za Import Department and Towa Shoji became closely intertwined, functioning as a unified entity.

In 1929, Towa Shiji released the first sound film by UFA called Melodie des Herzens as a double feature with Metro-Goldwyn-Mayer's Hallelujah.

In 1929, as a collaboration between Shochiku and Towa Shiji, a Japanese film export company named Shochiku Movie European Distribution Company was attempted to be established in Berlin. The representatives involved were Shiro Kido from Shochiku and Baron Stay Tenklon from Germany. The first film released through this venture was Eien no Kokoro (永遠の心) produced by Shochiku Kamata Film. It was released in Germany under the title Yakichi der Holzfäller. Additionally, three films were combined and released as one film titled Nippon. These films were Tenpyō Jidai directed by Chōjirō Hayashi, Kyōren no Onna-shisho (Passion of a Woman Teacher) directed by Kenji Mizoguchi, and Daigeki: Rodo-hen directed by Kiyohiko Ushihara.

In 1930, Towa Shiji established an office on the fifth floor of the Capitol Theater in Shanghai, operating as the Towa Shiji Shanghai Branch and distributing European films in China. They acquired distribution rights for films such as Der blaue Engel, Die letzte Kompagnie, and Sous les toits de Paris, which seemed promising for their future. However, within a year, in September 1931, the outbreak of the Manchurian Incident led to intense anti-Japanese sentiment, rendering their operations impossible. They entrusted their business rights to the film department of Kodo Trading Company and closed their office. Subsequently, the repression by the joint effort of American film companies was severe, resulting in a complete retreat from Shanghai. During this time, the name of the Shochiku-za Import Department became more symbolic than practical, and Towa Shiji established direct branch offices or agencies in Kobe, Nagoya, Fukuoka, Dalian, Sapporo, and Gyeongseong (now Seoul), forming a fully equipped distribution network.

In 1931, in Tokyo, the foreign film premiere theaters were divided into three chains: the Paramount-affiliated Hōgaku-za, Musashino-kan, and Denki-kan, and the Shochiku-affiliated Asakusa Shochiku-za, Shinjuku Shochiku-za, Meguro Shochiku-za, and the newly established Taishō-kan in Asakusa, which started screening foreign films. As the Towa Shiji was under the umbrella of the Shochiku-za Import Department, they unexpectedly approached the Paramount chain. In Tokyo, the Paramount chain had an advantage in Japanese films, but outside of Tokyo, they were overshadowed by the Shochiku chain. Despite being initially promoted by the Shochiku-za Import Department, Towa Shiji's Frau im Mond was released under the Paramount chain. The Paramount releases of Joseph von Sternberg's Morocco and Der blaue Engel generated significant buzz and reception.

In the film awards organized by Kinema Junpo magazine, determined through voting by film critics, in 1930, the film Asphalt distributed by Towa Shoji secured the top position in the silent film category, earning Towa Shoji its first Outstanding Film Award. In 1931, Towa Shoji obtained the 4th position with Le Million, but Paramount's dominance is evident from their five films selected in the top ten, including the first position. Towa Shoji regained the top position in the following years, with À nous la liberté in 1932 and Mädchen in Uniform in 1933.

On the 29th of the same year, Shochiku and Paramount formed a partnership, leading to the consolidation of the two major foreign film exhibition chains in Tokyo. This merger resulted in the establishment of Shochiku-Paramount Motion Picture Company. As a result, Taishō-kan, Shinjuku Shochiku-za, Hōgaku-za, Musashino-kan, and Denki-kan came under the direct management of S-P Company. Despite efforts by Universal, Fox, and others to counteract the dominance of S-P Company, they were unable to pose a significant threat to its stronghold.

In 1933, the establishment of the Photo Chemical Laboratory (PCL), equipped with film developing facilities and recording stages, marked the beginning of its transition into a film production company. This transformation was evident with the release of Shōwa Shinsengumi under the S-P Company that year. PCL provided assistance for this film, which was distributed by Nippon Onga Distribution Company, while Kansai distribution was handled by Towa Shoji's Osaka branch. In the same year, Kawamukou no Seishun, produced at PCL's studio, was fully distributed by Towa Shoji, followed by their distribution of PCL's previous work, starting with Horoyoi Jinsei.

In May 1933, the S-P chain was dissolved, and Shochiku established an independent company called Shochiku Foreign Film Exhibition Company (SY). Paramount, Metro, United, Universal, and Towa Shoji gathered under the SY umbrella, while Fox, Warner, and others countered the SP group. At that time, the SY chain had its headquarters at the Nikkatsu main office and was known as the Nikkatsu Foreign Film Chain. It marked a direct confrontation between Shochiku, with its long history and influence, and Nikkatsu, as they competed against each other.

In 1933, a long-awaited contract with UFA was established, and major films such as Der Kongreß tanzt and Bomben auf Monte Carlo were imported from Berlin. Additionally, the Nihon Gekijō opened in Tokyo's Marunouchi district, featuring Fox's Cavalcade and Warner's Gold Diggers of 1933. In February, Toho's Hibiya Movie Theater also opened as a foreign film venue. This marked a shift from SY's dominant position to an era of fierce competition, heralding the golden age of foreign films.

The film Poil de carotte, which was released in May and received tremendous acclaim, had a unique title in Japan simply as Carrot. The director, Julien Duvivier, and the actors were not well-known in Japan, with only one of his films, Hallo Hallo! Hier spricht Berlin! being recognized. Importing this film was considered a risky venture. However, Towa, determined to bring the highly acclaimed Poil de carotte to Japan, partnered with a publishing company, Hakusui-sha, which had published the translation of the play by renowned Japanese playwright Kunio Kishida. They targeted literary youth and students through this collaboration. As the film gained popularity, the Hakusui-sha Edition of Poil de carotte sold rapidly. Lunard's play was also performed by Tsukiji-za theater company at the Tobu Hall in Tamura-machi. Towa took advantage of this opportunity and collaborated on the program and flyers. It was the first time that film promotion had been linked to book and theater promotion. When the film was released on May 3rd, it became a topic not only among literary youth and film fans but also among educators and families.

PCL achieved great success with two films, Tada no Bonjin and Seishun Suikoden. Building on their popularity, a sequel titled Zoku Tada no Bonjin was produced. Regarding the release of Zoku Tada no Bonjin, there was intense competition among three film companies: Nikkatsu, Toho, and SY. Tokyo SY secured the rights by paying a substantial fee of 10,000 yen and released the film in August. At that time, investing a significant amount of money, 10,000 yen, to avoid the Bon season and release the film in August, beyond the peak summer period, can be seen as an embodiment of the Shochiku First Principle, which involved turning the enemy's weapon against them. The partnership between Towa and PCL expanded further following the success of Zoku Tada no Bonjin. They collaborated on producing films like Enoken no Majutsushi and Alps Taishō. They also engaged in promotion for films like Kinu no Dorogutsu, Botchan, and Three Sisters with Maiden Hearts. However, PCL, foreseeing the future, needed its own distribution network. The two companies amicably parted ways, and PCL eventually transitioned and transformed into Toho Eiga. The separation between the two companies occurred at the end of this year.

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History
On August 28, 1973, Ito-Yokado announced a licensing agreement with Southland Corporation, an American convenience store chain known as 7-Eleven, to develop convenience stores in Japan. The agreement granted Ito-Yokado the franchise rights to establish a network of convenience stores. They aimed to expand the convenience store chain within approximately two years and set a goal of reaching 2,000 to 3,000 stores with a minimum target of 1,500 stores. In November 1973, the convenience store company York Seven was established.

In May 1974, the first-ever store in Japan opened in Toyosu, Kōtō, Tokyo. This marked the debut of the first full-fledged franchise convenience store in Japan. In June of the following year, the first 24-hour operation was introduced at a store in Kōriyama, Fukushima Prefecture.

In 1978, York Seven changed its corporate name to Seven-Eleven Japan.

In 1987, SEJ partnered with Tokyo Electric Power Company to enable electricity bill payments at 1,600 stores in Tokyo and later in eight neighboring prefectures. In 1988, it became possible to make payments for Tokyo Gas at Seven-Eleven stores, and in 1989, payments for Dai-ichi Life Insurance and NHK were also made available.

As of January 1988, the number of Seven-Eleven stores was 3,251, with 2,200 of those stores located in the greater Tokyo area, which include nine prefectures.

On November 14, 1989, SEJ announced that it had reached a basic agreement to acquire all 57 Seven-Eleven stores in Hawaii from the Southland Corporation for 75 million dollars (approximately 16 billion yen). Southland Corporation had become a target of a takeover by an investor group around 1986, and to counter this, the Thompson family spent approximately 5 billion dollars (710 billion yen) to repurchase all of their own shares starting from 1987. However, the burden of debt became significant, leading to the "piecemeal sale" of the Hawaii stores. As a result, SEJ is scheduled to acquire all the assets, including land, buildings, and business rights, of the 57 stores in Hawaii.

On March 22, the following year, SEJ announced once again that it had reached a basic agreement to acquire the Southland Corporation. With the cooperation of creditors, it was agreed that the Yokado Group would acquire 75% of Southland Corporation's shares for a total of 400 million dollars (approximately 60 billion yen). As a prerequisite for the acquisition, SEJ intended to recover Southland Corporation's junk bonds (totaling 1.8 billion dollars) from bondholders and exchange them for new low-interest corporate bonds and common stock. However, some bondholders resisted parting with high-yield junk bonds, making the recovery difficult. After several negotiation deadline extensions, SEJ revealed on October 24 that it had applied to the U.S. bankruptcy court for the implementation of Southland Corporation's restructuring plan. The court approved the restructuring plan, and on March 6, 1991, SEJ announced the completion of the acquisition process, purchasing 70% of the company's stock for 430 million dollars (approximately 56 billion yen).

On August 24, 1995, SEJ announced its full-scale expansion into the Kansai region, with Osaka as the central location. While SEJ had the largest number of stores nationwide in the convenience store industry, they employed a strategy of concentrating store openings in specific regions to streamline operations. Prior to this announcement, SEJ had only opened stores in Kyoto, Shiga, and certain parts of Osaka Prefecture in the Kansai region.

According to the interim financial results in August 1996, the total sales of all stores in the SEJ chain surpassed its parent company, Ito-Yokado, for the first time. While SEJ had recorded the top position in the retail industry for three consecutive years in terms of operating profit, Ito-Yokado's sales amounted to 773.53 billion yen, while SEJ's headquarters sales reached 128.52 billion yen, and the total sales of all stores amounted to 844.54 billion yen.

In May 1999, SEJ announced its plans to form partnerships with four city banks: The Sakura Bank, Tokyo Mitsubishi Bank, Sanwa Bank, and Asahi Bank. The goal was to install automated teller machine s in all of its 7,780 stores across the country by the following summer. Other convenience store chains had already begun similar partnerships. Lawson had partnered with Sanwa and Fuji Bank since the previous year, and Ampm Japan had partnered with The Sakura Bank starting from March of that year, already operating cash dispenser and ATM services. Circle K Japan was also considering installations in collaboration with Tokai Bank.

On April 20, 2005, Ito-Yokado and its subsidiary Seven-Eleven Japan and Denny's Japan announced their plans to establish a holding company called Seven & I Holdings effective from September 1. Under this new management structure, various business companies would come under the umbrella of the holding company. While Ito-Yokado's performance was struggling, SEJ continued to perform well. In the financial results for the fiscal year ending in February 2005, over 90% of Ito-Yokado's consolidated operating profit of 211.9 billion yen was generated by the convenience store business. The market capitalization of the stocks also reflected this trend, with SEJ reversing the situation and reaching approximately 2.39 trillion yen, surpassing Ito-Yokado's 1.637 trillion yen. The establishment of the holding company was aimed at preventing hostile takeovers by consolidating and protecting the companies within the group.

On September 1, 2005, SEJ announced its intention to launch a tender offer in the U.S. market to acquire the remaining 27.7% of the issued shares of Seven-Eleven, Inc., which it did not already own, thereby making it a wholly-owned subsidiary. The estimated total value of the tender offer was approximately 1 billion dollars (approximately 111 billion yen). On November 9, it was announced that the TOB by SEJ had concluded, and they had acquired 95.4% of the issued shares of SEI. The remaining shares were acquired through compulsory acquisition based on the laws of the state of Texas, thereby establishing it as a wholly-owned subsidiary.

On July 11, 2019, Seven-Eleven made its first entry into Okinawa Prefecture. They opened 14 stores in cities such as Naha, achieving their goal of having stores in all 47 prefectures in Japan.

= Aeon =

History
In 1758 (Hōreki 8), which corresponds to the present-day city of Yokkaichi in Mie Prefecture, the precursor to Aeon, called Okada-ya (岡田屋), was founded. The first-generation owner, Sōzaemon Okada, relocated from Hatsuta, Inabe District, Ise Province to Kurokucho, Yokkaichi and started a retail business dealing in textiles and daily goods. Okada-ya primarily engaged in itinerant peddling, carrying a balance pole and selling goods within the local community.

During the time of the fifth-generation owner, Sōemon, in 1868 (Meiji 1), when he was 18 years old, the business style shifted towards setting up and selling goods in a large rented house within the village, essentially adopting a mobile sales approach. When Sōemon turned 38, he moved the store from Kurokucho to Minamicho Ichiban-yashiki, a bustling area known as Tsujimachi in Yokkaichi, establishing a position as a kimono merchant. In 1897, due to the store becoming cramped, Okada-ya relocated to Kitamachi Ichiban-yashiki. It was during this time that they introduced the practice of fixed price sales, where they sold goods to everyone at the same price. During that era, the common retail practice involved negotiations between the seller and the buyer to determine the selling price.

In 1921, the sixth-generation owner, Sōemon, began selling Western-style clothing at Okada-ya. They also incorporated the company as a corporation while maintaining its status as a sole proprietorship. Five years later, in 1929, they officially reorganized the business as a stock company and changed the company name to Kabushiki gaisha Okada-ya Gofuku-ten (株式会社岡田屋呉服店).

With the outbreak of World War II, around 1941, shortages of goods started to increase, and Okada-ya's sales steadily declined after reaching its peak in 1940. In 1942, a ticket-based rationing system for clothing was introduced. However, due to the concentration of production on military supplies rather than consumer goods, products quickly went out of stock as soon as they arrived. Additionally, in 1943, the employment of male sales clerks was prohibited, leading to a significant reduction in Okada-ya's staff from a peak of 60 employees to just 10. In 1945, Okada-ya's store was temporarily loaned to Mitsubishi Heavy-Industries for procurement purposes. The business continued operating from the former main residence in Nishimachi.

On June 18, 1945, U.S. B-29 s bombed Yokkaichi and conducted a carpet bombing for approximately one hour. As a result, Okada-ya suffered extensive damage, with both the store and its inventory being completely destroyed in the fire caused by the bombings.

On August 13, two days before the end of the war, Okada-ya provided severance pay to all of its employees and bought back their shares. In the following year, March 1946, Okada-ya reopened its business. Despite being housed in a single-story building that was less than 132 ㎡ and resembled a barracks, it became the largest store in Yokkaichi at that time.

In December 1949, Okada-ya relocated to the post-war bustling district of Suwa Shinmichi. The move proved to be highly successful, as the sales figures that were 60 million yen in 1949 reached 180 million yen in 1952, 300 million yen in 1955, and 600 million yen in 1957, showing a remarkable growth trajectory. Following the relocation to Suwa Shinmichi, the store underwent three expansions, increasing its floor space from 199 ㎡ in 1957 to 1,034 ㎡, a fivefold increase. The significant increase in sales can be attributed to the successive lifting of government controls and the boom in demand resulting from the Korean War, followed by the subsequent economic growth known as the Jinmu boom.

In February 1957, Okada-ya opened its second store on the first floor of the Chūnichi Kaikan building, located in the center of Marunouchi, Tsu.

In April 1958, the two-story, 924 ㎡ Okada Yokkaichi Store opened in front of Kintetsu Railway's newly built Yokkaichi Station. In November 1959, it obtained a business license under the Department Store Law an  the sales floor area was expanded to 2,200 ㎡, and the main store was relocated to the Yokkaichi Store. At that time, the company changed its name from Kabushiki gaisha Okada-ya Gofuku-ten to simply Kabushiki gaisha Okada-ya (株式会社岡田屋). The Yokkaichi Store underwent further expansion, reaching a total area of 5,000 ㎡ by 1963.

In 1961, Okada-ya announced its plan to achieve sales of 100 billion yen and establish its headquarters in Tokyo within the next ten years. They also made the decision to extensively expand their supermarket chain, focusing on food products. They renamed Maruoka, which operated the OK Store established in 1959, to Okada-ya Chain. In September 1962, they opened the Kuwana Okada-ya as an experimental supermarket, becoming the first store to offer fresh vegetables and fruits. In 1963, they simultaneously opened three stores: Hashikita OK Store, Tomida OK Store, and Tomozu OK Store. By 1967, a total of 11 stores were opened in Mie Prefecture as part of the expansion.

In 1965, Okada-ya opened Okada-ya Okazaki Store, its first store outside Mie Prefecture in Okazaki, Aichi Prefecture. By 1968, they had a total of five department stores. The combined sales from department stores and supermarkets amounted to 8.97 billion yen.

On May 1, 1968, Okada-ya and the Himeji-based supermarket chain Futagi announced a business alliance, the establishment of a new company, and the merger of the companies. Okada-ya's President Takuya Okada and Futagi's Kazuichi Futaki reached an agreement on the alliance and future merger after just four meetings in less than four months. It is said that during these meetings, many companies, including Nishikawa-ya, later Uny, and Nichii, later Mycal, were considered as potential partners. Immediately after the announcement, Jiro Inoue, the President of Shiro, an Osaka-based supermarket chain, contacted Futagi. Discussions took place on May 12, and on June 10th, the alliance between Okada-ya, Futagi, and Shiro, the three companies, was announced. It was decided in July 1968 to conduct an internal solicitation for a new company name from three companies. The objective was for each of the three companies to adopt completely new names, without clinging to their original company names. The total number of applications received was 2,847. On September 5, the name Japan United Stores Company (日本ユナイテッド・ストアーズ株式会社) was chosen, and the acronym Jusco (ジャスコ) was selected as the new company's name. Additionally, an internal solicitation was conducted for the company's logo.

On February 21, 1969, Jusco Co., Ltd. (ジャスコ株式会社) was established through equal investments from Okada-ya, Futagi, and Shiro. The company had a capital of 150 million yen, and its headquarters were located on the 5th floor of the Shiro's Noda Store in Fukushima-ku, Osaka, Osaka Prefecture, situated between Futagi in Hyōgo Prefecture and Okada-ya in Mie Prefecture. Takuya Okada, president of Okada-ya, was named the President; Kazuichi Futagi, president of Futagi, was named the Chairman; and Jiro Inoue, president of Shiro, was named the Vice President. At its inception, Jusco was positioned as the central organization consolidating the core divisions of the three companies.

In March 1968, prior to the three-company alliance, the Kawamura department store in Ise, transferred a majority of its shares to Okadaya and became a subsidiary of the company. At the time, Kawamura had an annual revenue of 250 million yen. In March 1970, Kawamura participated in the first merger. In July 1968, Okadaya acquired stakes in Marusa in Hamamatsu, Shizuoka Prefecture and Urashibaya in Toyohashi, Aichi Prefecture. Marusa had three stores, an annual revenue of 3 billion yen, and 340 employees, while Urashibaya had an annual revenue of 1 billion yen and 120 employees. In February 1975, Marusa merged with Jusco. Following that, in August 1968, Komono-chō Housewives' Store in Komono, Mie Prefecture, joined the Okadaya Group. It held purchasing rights at the Nagoya Market and made significant contributions to the procurement of fresh produce.

The first alliance established after the inauguration of Jusco was with the major supermarket in Nagoya called "Yamanaka." Yamanaka, which had been operating in the basement of Okazaki Okadaya since 1965, was the largest supermarket in the prefecture with 11 stores at the time. In September 1969, Jusco formed an alliance with six supermarkets in the Tōhoku region: Itoku, Tsurumai, Yamazawa in Akita Prefecture, Kakudai Shokuhin in Yamagata Prefecture, and Marutomi in Fukushima Prefecture. In March 1970, Horikawa Kamaboko Kōgyō in Niigata Prefecture joined, and together with eight companies, including Jusco, they established the Tohoku Jusco Chain and began joint purchasing and product development in June of the same year. Then, in January 1971, the Tohoku Jusco Chain, along with Kita-Nihon Selco and Tohoku Selco, formed the Tohoku Super Chain Union (also known as Jasel). The Tohoku Super Chain Union became a supermarket group with 26 companies, 128 stores, and an annual revenue of 30.9 billion yen. However, it did not achieve significant success and eventually dissolved along with the Tohoku Jusco Chain after a few years. Among the companies that participated in the group, Kakudai Shokuhin and Marutomi merged with Jusco in February 1973.

On April 29, two months after its establishment, Vice President Jiro Inoue passed away. Jusco confirmed that there was no change in their intention to merge the three companies. However, it became evident that Shiro's management was deteriorating, and by August, their financial difficulties surfaced. At this time, Jusco provided financial assistance to avert the crisis, but it was later revealed that they had engaged in fraudulent accounting practices, posting billions of yen in losses as profits. There were calls to dissolve the partnership with Shiro, but Jusco decided to guarantee a total of 2.2 billion yen in debt for Shiro's reconstruction.

On August 20, 1969, the three companies conducted an interim settlement, using this date as a basis to evaluate stock prices and calculate the merger ratios. Okadaya was considered as 1, and the calculated ratios were Okadaya Chain 0.79, Futagi 0.61, and Shiro 0.12. To avoid dissatisfaction among Shiro's shareholders due to its extremely low stock price, it was decided to proceed with the merger after Shiro's business performance had recovered.

On March 20, 1970, Okadaya, Futagi, Okadaya Chain, Kawamura, and Jusco merged, marking the first merger. Okadaya became the surviving company and was renamed Jusco on April 14.

The Asahi Shimbun Company
The Asahi Shimbun Company (株式会社朝日新聞社) is a Japanese newspaper publisher that publishes The Asahi Shimbun. It was founded in Osaka in 1879. The average circulation of The Asahi Shimbun in the second half of 2022 was approximately 3.97 million, and it was the second most circulated paid newspaper daily in the world in 2016, after the Yomiuri Shimbun, also a Japanese newspaper.

SMBC
Sumitomo Mitsui Financial Group, Inc. (株式会社三井住友フィナンシャルグループ), also known as SMBC Group is a Japanese financial holding company that owns Sumitomo Mitsui Banking Corporation and SMBC Trust Bank. It was founded in 2002 by the transfer of shares from Sumitomo Mitsui Banking Corporation.

History
Sumitomo Mitsui Banking Corporation (SMBC) announced on July 30, 2002 that it would establish a holding company by December and reorganize three related companies, its subsidiary Sumitomo Mitsui Card Company, Sumitomo Mitsui Bank Leasing, and The Japan Research Institute, a sister think tank, as subsidiaries of the holding company. The holding company had a capital of 1 trillion yen, and SMBC CEO Takashi Nishikawa and Chairman Akira Okada each served as president and chairman of the holding company.

In December 2002, SMBC began considering a takeover of the Aozora Bank, which was established after the collapse of the former The Nippon Credit Bank. The Aozora Bank President Hiroshi Maruyama expressed reservations about the proposal, as it would have made it difficult for the bank to go public and repay public funds from the proceeds of the IPO. SMBC competed with a joint venture between the US investment firm Cerberus and the German bank HypoVereinsbank, and the US financial company GE Capital. The offer price was about 100 billion yen, and Cerberus also offered the same amount. However, Cerberus, as a major shareholder of Aozora Bank with a 12% stake, had the right to purchase the bank first if the offer price was the same as that of the other bidders. In April 2003, Cerberus announced the acquisition of the Aozora Bank.

In March 2004, SMBC merged with its 100% subsidiary, the Wakashio Bank. The purpose of the merger was to generate about 2 trillion yen in book profits (merger surplus) by making the Wakashio Bank the surviving company, and to eliminate the hidden losses of SMBC, such as those on stocks.

Merger Exploration
On July 14, 2004, UFJ Holdings announced that it had decided to enter into negotiations with Mitsubishi Tokyo Financial Group (MTFG) for a management integration. In response, on July 30, SMFG announced that it had made a management integration proposal to UFJ. On August 8, it was reported that SMFG had sent a formal proposal document summarizing the detailed terms of the integration plan to MTFG. In response to MTFG's plan to provide an investment of approximately 500 billion yen, SMFG said that it would invest at least 500 billion yen and up to 700 billion yen.

In August 2004, MTFG and UFJ officially announced that they had reached a basic agreement on a full-scale management integration. In response, SMFG proposed a merger ratio of "1 to 1." The recent stock prices of SMFG and UFJ were 1 to 0.77 on average over the past six months, which was an exceptionally favorable condition for UFJ shareholders. However, in February 2005, MTFG and UFJ signed a merger agreement with a merger ratio of "1 to 0.62." SMFG officially decided to withdraw its management integration proposal to UFJ and notified UFJ in writing. On January 1, 2006, MTFG and UFJ Holdings merged to form Mitsubishi UFJ Financial Group.

In February 2005, it was revealed that SMFG was in negotiations with Daiwa Securities Group, with a view to a possible merger of the two companies. The two groups had already established a joint venture, Daiwa Securities SMBC, a specialist in corporate transactions, but they were considering merging their holding companies to achieve a complete integration of the groups as a whole. They hoped to achieve this as early as the 2005 fiscal year. However, on April 8, Daiwa Securities Group Holdings President Shigeharu Suzuki said, "There are no benefits to a merger at this time, and we have no plans to begin negotiations with Sumitomo Mitsui Financial Group."

In September 2006, SMFG acquired SMBC Friend Securities, which was a majority-owned subsidiary of SMBC with a 40% stake.

Repayment of public funds
In July 2002, SMBC announced that it would repay 2,000 billion yen of public funds, which had been accepted in the form of perpetual subordinated bonds. The funds were part of a total of 1.5 trillion yen that had been injected into the Japanese banking system following the financial crisis of the late 1990s. In 2005, SMBC announced a three-year repayment plan, and in October of that year, it repaid an additional 323.6 billion yen.

SMFG initially targeted repaying all of its public funds by the end of the 2006 fiscal year. Mitsubishi UFJ Financial Group (MUFG) and Mizuho Financial Group (MHFG) also had the same goal. These moves were due to a number of factors, including the active resolution of non-performing loans, which had stabilized the financial system, and the increased repayment capacity of the banks. The Financial Services Agency had also encouraged banks to repay their funds early, and some banks, which were reluctant to have their management interfered with by the authorities, had responded.

SMFG announced on October 17, 2006, that it had repaid all of its public funds. MUFG repaid the funds it had inherited from its predecessor, UFJ Bank, in June. MHFG repaid its public funds in July, which had once approached 3 trillion yen. SMFG had initially targeted repaying its public funds by the end of the fiscal year, but it moved up the repayment schedule out of concern that it would be "half a lap behind" the other megabanks. In December 2006, SMFG announced that it would consolidate its headquarters functions in the Ōtemachi district of Tokyo. Since the merger in 2001, SMFG had its head office in the former Mitsui Bank building in Hibiya, with some headquarters functions in Marunouchi. The new headquarters is located next to the former Sumitomo Bank building, and the move was completed in October 2010. SMFG President Masayuki Oku said, "By consolidating our headquarters, we can improve efficiency and realize advanced and fast-paced operations."

Strengthening of Credit Sales Business
On April 27, 2007, SMFG and Mitsui & Co. announced that they would invest a total of ¥400 billion in Central Finance Co., Ltd, a credit card company affiliated with MUFG Group. SMFG would effectively own 20% of CF, giving it a controlling stake. This move was seen as an effort by SMFG to strengthen its credit card business, which was lagging behind those of other megabanks. The move was initiated by CF last summer, without the knowledge of MUFG. Central Finance had been in talks with SMFG since then. Meanwhile, MUFG had been trying to merge CF with its close credit card company, Jaccs. However, CF President Tatsuo Tsutikawa and other executives opposed MUFG's plan. "It was not an option for us to stay with MUFG," Tsutikawa said. "Our unique characteristics would not have been allowed to flourish." At that time, CF was also considering a merger with Quoq Card, a credit card company in the SMFG.

In July 2007, SMBC acquired a portion of the shares of Daiei's credit card subsidiary, OMC Card, from the struggling retailer for ¥74.8 billion. SMBC then became OMC Card's parent company. With the addition of OMC Card to its existing subsidiaries, Sumitomo Mitsui Card and Central Finance, SMBC's total cardholder base exceeded 40 million, surpassing its rival, Mitsubishi UFJ NICOS (37 million). SMBC President Masayuki Oku said, "We want to build a group that balances the strengths of banks, credit card companies, and retail card companies."

In March 2008, SMFG announced plans to list on the New York Stock Exchange by 2011. SMFG believed that listing in the US would be improve its financial transparency and international creditworthiness.

In February 2009, Citigroup, a US financial company in the midst of a restructuring, announced its intention to sell its Japanese subsidiary, Nikko Cordial Securities, a retail brokerage firm. SMFG, along with MUFG and MHFG, expressed its intention to buy the company. In the final round of bidding on April 20, SMFG submitted the highest bid. On May 2, SMFG officially announced the acquisition of Nikko Cordial Securities and the major businesses of Nikko Citigroup Securities for ¥545 billion.

In April 2009, SMFG began considering a preliminary merger of its corporate brokerage business with Daiwa Securities Group, as part of a comprehensive partnership. The corporate brokerage firm Daiwa Securities SMBC, in which SMFG owns 40% and Daiwa owns 60%, was to be merged with part of Nikko Citigroup Securities, with SMFG increasing its stake in the new entity. On May 12, 2009, Daiwa Securities Group President Shigeharu Suzuki said, "a merger of Daiwa Securities SMBC and the major departments of Nikko Citigroup Securities was natural given the two companies' competition." He also said, "a full-scale merger of Daiwa Securities (a retail brokerage firm) and Nikko Cordial Securities was not in the cards." However, the full-scale negotiations that began in mid-July dragged on longer than expected. SMFG wanted to increase its stake in Daiwa SMBC from 40% to over 50%, but Daiwa was reluctant.

On September 10, 2009, SMFG and Daiwa Securities Group announced that they would dissolve the joint venture for Daiwa Securities SMBC. Daiwa would buy all of the SMFG-owned shares, which represented 40% of the total, for ¥173.9 billion. Daiwa Securities SMBC would be renamed Daiwa Securities Capital Markets and become a wholly owned subsidiary of Daiwa.

Radiko
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