Known as the father of Japanese capitalism, Eiichi Shibusawa played an unparalleled role in shaping modern Japan. From the late Edo period to the Meiji era, he was involved in the establishment of approximately 500 companies, laying the foundation of Japan’s economy. Despite his immense achievements, Shibusawa stood at just 152 cm—a physical stature that contrasts sharply with his towering legacy. Today, his life-sized statues can be found in three locations across Tokyo, each preserving the memory of this small yet monumental figure.
Three Statues That Preserve His Legacy
Three full-body statues of Eiichi Shibusawa exist in Tokyo: at the Tokyo Metropolitan Geriatric Hospital in Itabashi, Asukayama Park in Kita Ward, and Tokiwabashi Park in Chuo Ward. Notably, the Tokiwabashi Park statue was originally installed in 1933 but was removed during World War II. It was later recreated and reinstalled in 1955.
Asukayama Park also houses two historically significant structures: the Bankoro (a Western-style tea room) and the Seien Bunko (a library). Both are designated cultural assets managed by the Shibusawa Memorial Foundation and are open to the public.
Building Japan’s Economy and a Lesser-Known Nobel Peace Prize Nomination
Shibusawa introduced the concept of joint-stock companies, transforming Japan’s economic landscape. His establishment of the First National Bank marked a pivotal shift in the country’s financial system. Additionally, he played a key role in developing industries such as paper manufacturing and textiles, as well as infrastructure projects like gas, electricity, and railways.
Equally significant was his focus on morality in business. Shibusawa’s philosophy of blending ethics with economics was immortalized in his seminal work, The Analects and the Abacus. This book, advocating the integration of moral principles into economic activities, continues to resonate with readers worldwide.
In 1926 and 1927, Shibusawa was nominated for the Nobel Peace Prize, a testament to his humanitarian efforts. One standout achievement was his 1922 campaign to support Armenian refugees. By spearheading fundraising efforts and donating the proceeds to American relief organizations, Shibusawa’s initiative saved countless lives.
He also supported international diplomacy after World War I, advocating for the League of Nations and promoting Japan-US cultural exchanges. His leadership in the “Doll Exchange Program” between Japanese and American children remains a symbol of cultural goodwill.
The Vision Behind Japan’s New ¥10,000 Banknote
In 2024, Eiichi Shibusawa replaced Yukichi Fukuzawa as the face of Japan’s ¥10,000 note. While some voiced skepticism about the change, Shibusawa’s selection reflects his enduring legacy of moral and economic harmony. His achievements laid the groundwork for Japan’s economy, education, welfare, and cultural systems, impacts that persist to this day.
Shibusawa’s life serves as more than just a historical narrative—it offers guidance for addressing contemporary challenges. His philosophy of blending economics with ethics holds profound relevance in tackling global issues such as climate change, hunger, and geopolitical conflicts. Perhaps Shibusawa’s legacy urges us to reflect on living within our means and prioritizing harmony—a timeless message from a man of unmatched stature in spirit, if not in height.