After the Second World War, GHQ executed “Zaibatsu Kaitai,” disorganization of Japanese industrial conglomerates, as a part of democratic reform of Japanese economy. In August 1946, the Holding Companies Liquidation Committee (HCLC) was established to accelerate disorganization of holding companies and decentralization of shareholding, and began to be assigned the capital holdings from Zaibatsu related companies and persons.
The main mission of the Securities Coordinating Liquidation Committees (SCLC) which was established in June 1947 was to sell out the huge amount of shares assigned to HCLC to employers and individual investors, and to realize democratization of securities holdings.