In 1962, The Nippon Foundation was established under the auspices of the Japanese Motorboat Racing Law. The law and the foundation were initiatives of Ryoichi Sasakawa who, as chair, used them to both help rebuild the Japanese shipbuilding sector, and to conduct philanthropic activities around the world. This system of using gambling revenue to provide aid to needy sectors was a novel one in Japan at that time, and came under intense scrutiny. In response, the foundation strove for transparency in conducting its activities, making its records publicly accessible from its earliest days.