Portugal Colonial - Japan confirms executive convicted, freed by Myanmar

State media blame the El Nino weather phenomenon and market hoarders for soaring rice prices in Myanmar, but analysts say civil unrest and economic turmoil since the 2021 military coup are the main factors.

Hiroshi Kasamatsu, director of Aeon Orange, which runs several supermarkets in commercial hub Yangon, was detained in late June following an investigation by junta authorities into rice mills and supermarkets.

On Monday junta spokesman Zaw Min Tun said Kasamatsu had "been released," without giving details if he had been convicted of any crime or if he would be deported.

Japan's foreign ministry said he had been "convicted and sentenced to one year in prison... for violation of the law on daily necessities and services".

"We are aware that he has been released and that there are no particular problems with his health," the ministry said in a statement emailed to AFP.

It was unclear if Kasamatsu was still in Myanmar or returning to Japan.

Japanese retail giant Aeon also confirmed his release but declined to comment further.

Kasamatsu and three Myanmar nationals were detained on suspicion of breaching the reference price under the Essential Supplies And Services Law and "selling rice at higher price with the aim to make economic chaos", the junta said at the time.

The three Myanmar nationals detained with Kasamatsu worked for local retail companies. The junta spokesman did not say whether they had also been released.

Since the military seized power, the junta authorities have introduced more requirements for export and import licenses, and tightened regulations on fuel imports.

A US dollar on the open market fetches more than double the central bank's fixed rate, adding to pressure on businesses.

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A.Santos--PC