Many top Japanese executives are complaining these days about foreign exchange markets. The disgraced former chairman of Daio Paper Corp. joined the club Tuesday -- with a twist.

Daio's ex-chairman admitted for the first time that "almost all" of the $140 million he inappropriately borrowed from the company was "spent gambling at the casino." In a statement released through his lawyers Tuesday afternoon, Mototaka Ikawa apologized for his actions that has cost him -- the grandson of the company founder -- his job and put the...