At same time, the zaibatsu trading groups (principally Mitsubishi, Mitsui, Sumitomo, and Yasuda) looked toward great future expansion. Their main concern was a shortage of raw materials. Prime Minister Fumimaro Konoye combined social concerns with the needs of capital, and planned for expansion.

The main goals of Japan's expansionism were acquisition and protection of spheres of influence, maintenance of territorial integrity, acquisition of raw materials, and access to Asian markets. Western nations, notably Great Britain, France, and the United States, had for long exhibited great interest in the commercial opportunities in China and other parts of Asia. These opportunities had attracted Western investment because of the availability of raw materials for both domestic production and re-export to Asia. Japan desired these opportunities in planning the development of the Greater East Asian Co-Prosperity Sphere.

The Great Depression, just as in many other countries, had hindered Japan's economic growth. The Japanese Empire's main problem lay in that rapid industrial expansion had turned the country into a major manufacturing and industrial power that required raw materials; however, these could only be obtained overseas as there was a critical lack of natural resources on the home islands.

In the 1920s and 1930s Japan needed to import raw materials such as iron, rubber and oil to maintain strong economic growth. Most of these resources however came from the United States. The Japanese felt that acquiring resource-rich territories would establish economic self-sufficiency and independence, and they also hoped to jump-start the nation's economy in the midst of the depression. As a result Japan set its sights on East Asia, specifically Manchuria with its many resources; Japan needed these resources to continue its economic development and maintain national integrity.