Iwasaki Yanosuke was born in the Aki District of Tosa Province on 8 February 1851. He was the third son of Iwasaki Yajirō and Ono Miwa. His older brother, Yatarō, helped establish Mitsubishi in 1873.
Yanosuke succeeded as the head of the Mitsubishi zaibatsu upon the death of his brother in 1885. He left that position in 1893 and was succeeded by his nephew Hisaya. As a banker, he served as the fourth governor of the Bank of Japan from 11 November 1896 to 20 October 1898.
Yanosuke was married to Gotō Sanae in 1874. They had four children: Shigeko, Koyata, Toshiya and Teruya. Of the three sons, Koyata would succeed his cousin Hisaya as the head of Mitsubishi.
Yanosuke died in Tokyo on 25 March 1908.
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