quality:correction, structural:summarization, structural:reformatting
Shibusawa Eiichi, 1st Viscount Shibusawa was a Japanese industrialist widely known today as the "father of Japanese capitalism", having introduced Western capitalism to Japan after the Meiji Restoration. He introduced many economic reforms including use of double-entry accounting, joint-stock corporations and modern note-issuing banks. He founded the first modern bank based on joint stock ownership in Japan. The bank was aptly named The First National Bank and had the power to issue its own notes. Through this bank, he founded hundreds of other joint stock corporations in Japan. Many of these companies still survive to this day as quoted companies in the Tokyo Stock Exchange, which Shibusawa also founded. The Japanese Chamber of Commerce and Industry was founded by him as well. He was also involved in the foundation of many hospitals, schools, universities, the Imperial Hotel in Tokyo and charitable organizations including the Japan Red Cross. Another notable aspect of Shibusawa's career is that, despite being the founder of hundreds of corporations, he refused to maintain a controlling stake in these corporations, effectively preventing himself from forming a zaibatsu. What is known as the Shibusawa zaibatsu was a holding company to look after his estate for his family. The Shibusawa Zaibatsu did not hold any controlling stake in any companies. Despite his humble origin as a farmer, he was granted the title of Viscount, while all other zaibatsu founders were awarded the title of Baron. He was also awarded Shōnii, Second Honour under the ritsuryō rank system, which is usually given to high-ranking nobility and prime ministers. Shibusawa is featured on the 10,000 Japanese yen note, one of the new designs that went into circulation on 3 July 2024. Shibusawa was also printed on bank notes issued by the Korea First Bank, which he owned, in 1902. The choice of Shibusawa has previously been criticised in the Republic of Korea.