The company said in a statement on Monday that he passed away on February 12 and that his immediate family had already planned a private funeral.
As with pound shops, Daiso is a purported 100 yen ($0.67; £0.53) retailer.
In 1972, Mr. Yano launched his first discount store and became known as the father of the dollar store business model.
“It’s with profound sadness that we announce the passing of Founder and Former President of Daiso Industries Company Limited, Mr Hiro.
The announcement also stated that a memorial event will take place soon.
Following his graduation from Chuo University in Tokyo in 1967, Mr. Yano worked in a variety of occupations, including managing his father-in-law’s fisheries until it went out of business.
At the age of 29, he opened Yano Shoten, also known as Yano Store, his first business, a street vending establishment, in 1972.
After five years, he renamed the business as Daiso, which means “make something big.” It gained notoriety for charging 100 yen for each of its things.
According to Mr. Yano, he and his spouse Katsuyo decided to charge 100 yen for each item since they found it too time-consuming to price each product individually.
