Warning against business continuation benefiting the Myanmar military junta: 7 organizations, including JVC, demand explanations from Daiwa Institute of Research and JPX

Even five years after the attempted coup by the Myanmar military, it remains a critical issue that the Daiwa Institute of Research (DIR) and the Japan Exchange Group (JPX) continue to be involved in businesses that benefit the military junta.

JVC and six other organizations express grave concern that DIR and JPX are involved in joint ventures under the control of the military junta through the intermediation of government bond transactions and the listing of military-related companies. In September 2025, a questionnaire was submitted to both companies; however, while they claimed to respect international human rights standards, no substantive answers were provided. We will continue to hold them accountable, asserting that the Japanese government and private enterprises must not be complicit in the fundraising efforts of the Myanmar military junta, which persists in committing serious human rights violations.

Japanese Financial Firms Should Terminate Businesses Benefiting the Myanmar Military Junta

March 24, 2026

Ayus: Network of Buddhists Voluntarily Engaged in Incidents
Pacific Asia Resource Center (PARC)
Friends of the Earth Japan (FoE Japan)
Justice For Myanmar
Japan International Volunteer Center (JVC)
Network Against Japan Arms Trade (NAJAT)
Mekong Watch

Justice For Myanmar, Mekong Watch, and five other Japanese organizations express concern that Japanese financial companies Daiwa Institute of Research (DIR) and Japan Exchange Group (JPX) continue their involvement in joint ventures controlled by and benefiting the Myanmar military junta, including government bond brokerage and the listing of military-linked companies.

Five years after the attempted coup by the Myanmar military, and amidst increasing airstrikes and international crimes, DIR and JPX continue their engagement with entities and financial institutions that enable fundraising for sanctioned businesses and those with proven links to the Myanmar military.

In September 2025, our seven organizations conveyed concerns regarding their business in Myanmar to DIR and JPX. We issued a questionnaire asking whether they had conducted human rights due diligence regarding their activities in Myanmar since the attempted coup and if they planned to divest from their Myanmar operations.

While both DIR and JPX stated they respect international human rights standards, neither provided a substantive response to the questions posed by our seven organizations.

Government Bonds and Stocks as Funding Sources for the Junta

Japan has played a central role in the planning, implementation, and operation of Myanmar's capital markets.

Support for Myanmar's capital markets has historically been provided through a comprehensive "All-Japan" public-private effort. This initiative has included comprehensive support for securities transactions...