Japanese national arrested in Myanmar for price gouging rice

Myanmar authorities have arrested a Japanese national, Hiroshi Kasamatsu, who works for retail giant Aeon, for allegedly selling rice at artificially high prices. Kasamatsu, the director of Aeon Orange, was detained along with three Myanmar nationals for breaching the reference price under the Essential Supplies And Services Law. The junta accused them of selling rice at higher prices to create economic chaos. The Japanese government has demanded Kasamatsu's immediate release, stating that he is being interrogated at a police station in Yangon. The price of rice, a staple in Myanmar, has more than doubled in recent months due to various factors, including the El Nino weather phenomenon, market hoarders, and disruptions caused by the conflict between the military and its opponents since the 2021 coup. Aeon Orange operates several supermarkets in Yangon, where the detained Myanmar nationals work for local retail companies. The ongoing economic instability in Myanmar has led to authorities cracking down on individuals selling goods at prices higher than prescribed levels. The impoverished Southeast Asian country has been in turmoil since the military seized power in 2021, triggering widespread protests that escalated into armed resistance. Over three million people have been displaced as a result of the conflict. In an effort to stabilize the depreciating currency, Myanmar authorities have arrested individuals involved in illegal trading activities, including gold, foreign exchange, and real estate. The mismatch between official foreign exchange rates and black market rates has created significant challenges for traders. The conflict in Myanmar has not only impacted the economy but also disrupted the agricultural sector, affecting the planting, harvesting, and transport of rice. This disruption, coupled with external factors like the El Nino weather phenomenon, has contributed to the sharp increase in rice prices. While state media blames market hoarders and weather conditions for the price surge, the arrest of individuals like Kasamatsu highlights the government's efforts to address economic challenges amid the ongoing crisis.