The 1880s saw a boom in the foundation of private enterprises in both the utilities manufacturing sectors, many of them small companies which did not survive long. By the time Shinnosuke returned home to engage in the stock business, Japan's industrial revolution proper was underway. Stimulated by the demands of the Sino-Japanese War of 1894-1895 and the expansion of trade, which was boosted by Japan's control over Korea, mechanization became the order of the day in spinning, weaving, silk reeling, various other light industries, shipbuilding and iron production.
In all these developments, private enterprise played the leading role, and the activities of Japan's stock exchanges grew accordingly. Stock ownership, however, remained concentrated in the hands of a few, principally merchants, wealthy landowners and nobles.
