(1) History of ORIX
ORIX is a leasing company that was initially established by the medium-sized general trading company “Nichimen” and the former “Sanwa Bank” in 1964, and it was the predecessor of “Orient Lease.” The name is generally known because it acquired the professional baseball team “Hankyu Braves” in 1988. After that, the parent company Nichimen merged with “Nissho Iwai” and became Sojitz (2004). While Sanwa Bank was integrated with Mitsubishi UFJ Bank in financial restructuring (2006), it grew the leasing business and secured its independence. It also changed its name to “ORIX” in 1984 and became a listed company on the NY Stock Market.
(2) “The Emperor of ORIX” or Yoshihiko Miyauchi called ORIX the “Miyauchi Kingdom”. Today’s ORIX’s growth is said to be due to the power of Yoshihiko Miyauchi who is the current senior chairperson (Sept. 13, 1935, 83 years old). https://www.orix.co.jp/grp/company/about/profile_y_miyauchi.html
Mr. Miyauchi is from Kobe City. After graduating from Kansai Gakuin junior high school, high school, and university and studying abroad at Washington University, he joined Nichimen.
He was originally involved in the “Orient Lease New Project” which was a new business of the company and transferred to the headquarter. “He was heavily involved in waging a war of independence from the Nichimen headquarters over Orient Lease” (Financial journalist). He became the director of Orient Lease in his 30s. Since then, he has led the company’s management for nearly 50 years. Mr. Miyauchi’s name became known to the general public in the Deregulation Subcommittee established by the First Hashimoto Administration in 1996 (later to the Administrative Reform Promotion Headquarters and Regulatory Reform Committee). He was then appointed as the chairman of the “Regulatory Reform and Private Opening Promotion Conference” established by the third Koizumi government in 2006. At the same time, he led Japan’s regulatory reform debate, and at that time, he strengthened his relationship with the political world.
While leading the policy realization by selling the government’s assets such as promoting deregulation, privatizing the postal administration, introducing the Labor Dispatch Act, etc., in a neoliberal and market fundamentalist way, the public criticized how ORIX was profiting from that (As one example, the recreation center owned by Japan Post was sold to ORIX).
(3) The company corporate culture is strongly influenced by Mr. Miyauchi:
it is “ability-oriented” but “rough.” The majority of the employees came from city banks and non-bank financial institutions who were crushed by the collapse of the economic bubble. Therefore ORIX was considered “unusual.” The company has adopted the merit principle such as the person who earns more is greater, and the company from which you are from or your educational background does not matter. That became the driving force of the company’s growth. That mentality enabled ORIX’s acquisition and expansion of businesses one after another. “ORIX will do everything for profit even if it uses a slightly rough method. It isn’t just a leasing company, but comprehensive financial conglomerates” (Financial journalist for economic magazines) ORIX became the owner of the professional baseball team, aquariums (Kyoto, Sumida, New Enoshima 3 places), solar powers, banks in foreign countries, car leasing, and real estate.