This study analyzed the characteristics of forestry management in modern Japan from the case of Yoshida Zenzaburo family who conducted large-scale forestry management in the Miyagawa river basin in the southern area of Mie Prefecture. In modern Japan, advanced forestry management is said to have been conducted in the Kii Peninsula, and the forestry management in the Yoshino region of Nara Prefecture became the model.

In the Yoshino region, the afforestation business has been conducted continuously since the early-modern times, and high-value-added wood was produced by carefully growing forests during the long cutting period at a cost. However, even in the same Kii Peninsula, in the southern part of Mie Prefecture, which was a later established region, afforestation was conducted simultaneously in modern times, and the afforestation period, during which expenses continued for a long time, required financial measures for this purpose. Therefore, the Yoshida family established a bank by themselves together with forestry management and provided financial support to foresters in the southern area of Mie Prefecture.

Later, when the scale of forestry management of the Yoshida family became enormous amid the increase in the demand for wood during World War I, the demand for the family's own funds expanded. Therefore, the Yoshida family merged their bank with a large bank in the urban area and received loans from the large bank to exclusively conduct modern forestry management. Consequently, in several forestry areas developed later in modern Japan, it became difficult to continue to pay for forest growth until high-value-added wood was grown in the long cutting period such as the Yoshino region, and income was secured by cutting wood in a short cycle.

This paper analyzes securities investment by the modern imperial estate.

The initial acquisition of major shares by the imperial family was carried out through non-anonymous routes via the Ministry of Finance and conglomerate companies. Some of them far exceeded their face value. However, using this as a foothold, they continued to acquire at face value by repeating investment in the primary market, such as underwriting new shares to increase capital in response to old shareholdings and making additional payments by split payments. By using this investment route through the primary market as the basis of imperial assets, they secured low-risk, high-return financial assets and profits.

In the 1920s, the opportunities for stock acquisition through the primary market decreased, and accumulation of stock through additional investment was no longer expected. Stock prices continued to fall and emerged as financial assets with a high risk of price decline. The bond market on the other hand expanded significantly, and the risk of market price decline was lower than that of stocks. As a result, stock acquisitions gradually increased, while bond investment surged.

The growth potential of stocks slowed and stocks with unrealized losses were issued in the late 1920s and early 1930s, but because they were based on additional investment through the primary market, the loss was smaller than that through the secondary market, and the total loss was smaller and thus unrealized gains were secured. It can be said that a series of stock investments based on long-term holdings have created a stable economic base for maintaining the functions of the Imperial Household while occasionally coping with fluctuations in financial markets.