The economic instability in Myanmar following the 2021 coup has led to the arrest of 11 individuals, including a Japanese executive, for selling rice at prices higher than prescribed levels. The detainees, which include rice traders, millers and retailers, are accused of selling rice at prices up to 70 percent higher than what is deemed acceptable by the authorities. Among those arrested was Hiroshi Kasamatsu, a director at supermarket operator Aeon Orange.
The conflict in Myanmar, which has forced over three million people from their homes, has disrupted the planting, harvesting, and transport of rice, leading to a significant increase in prices. Despite attempts by the authorities to crack down on black market trading, rice traders argue that selling at the officially sanctioned price would result in operating at a loss.
The Japanese government has expressed concern over the detention of Kasamatsu and is urging local authorities for his early release. Japan intends to take appropriate steps to support their citizen and is in contact with Kasamatsu’s employer. State media in Myanmar has blamed the El Nino weather phenomenon and market hoarders for the economic instability in the country.
The ongoing conflict in Myanmar has led to a deteriorating economy and has caused friction with international partners like Japan. The government’s efforts to stabilize the currency and crack down on price gouging have not been successful, with traders facing challenges due to the mismatch between official exchange rates and black market rates.
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