On 30 September 2022, six CSOs including Mekong Watch, Friends of the Earth Japan, Justice For Myanmar, Network Against Japan Arms Trade (NAJAT), ayus:Network of Buddhists Volunteers on International Cooperation, Japan International Volunteer Center (JVC) sent a letter to 160 major shareholders in three major Japanese banks (MUFG Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank). In the letter, the authors allege that three banks are investing or lending to projects that may benefit the Myanmar military or hold shares in Japanese companies that may be complicit in human rights violations in Myanmar. In addition, the letter requested that the institutions holding shares in the three banks promptly engage with the banks to take the "measures required of banks" shown in the letter and that if the three banks do not take measures even after engagement, to consider divestment.

As of 6 January 2023, ten shareholders responded to the letter. In the responses, the shareholders stated that they would conduct engagement and utilize the request in an analysis of corporations and future engagement.

The remaining 150 shareholders did not disclose information about specific activities including whether or not they were conducting engagement.

The CSOs continue to call for responsible investment in Myanmar.