Although Myanmar is still closed to foreign banks, major Japanese financial institutions have stepped up their involvement in the country, preparing themselves for the time when the government will give the long-awaited green light to their full-fledged operations.

"Currently we are limited to collecting and providing information in Myanmar, but as a medium-term goal we will certainly be aiming to launch our core financial businesses," said Tetsuya Akutsu, deputy general manager in the international coordination division of Mizuho Corporate Bank.

The bank reopened a representative office in Yangon in early April for the first time since 2003 to help Japanese corporate clients set up business bases in the country.