Japanese Prime Minister Sanae Takaichi denied involvement in the new cryptocurrency 'sanae token' in a post on X on Monday, warning of possible misinformation. The token is a meme coin announced by the political YouTube channel NoBorder, which has caused confusion due to sharing the prime minister's name.
Japanese Prime Minister Sanae Takaichi addressed confusion over the cryptocurrency 'sanae token' in a post on X on March 3. She stated, 'While there appear to be various misunderstandings—perhaps because of the name—I have absolutely no knowledge of this token, nor has my office been informed about what it is.' She added, 'We have not given any form of approval in relation to this matter. I am issuing this statement to ensure that the public is not misled.'
The token is a meme coin announced on February 25 by NoBorder, a YouTube channel run by Japanese entrepreneur Yuji Mizoguchi that features political content. It serves as an incentive for the 'Japan is Back' project, a slogan inherited by Takaichi from her mentor, former Prime Minister Shinzo Abe. The initiative seeks to 'update democracy through new technology' using artificial intelligence and Web3, the blockchain-based concept of a decentralized internet where users control their data. NoBorder selected the name because 'sanae' symbolizes 'a democratically elected leader.'
Although the token's website includes a disclaimer stating it is 'not affiliated with or endorsed by Ms. Takaichi,' the project has faced criticism on social media for being 'misleading.' Confusion was heightened when an X account claiming to be the prime minister's 'officially recognized' support group reposted NoBorder's announcement, saying, 'Team Sanae empathizes with this initiative and would like to collaborate with our activities.'
In the four hours following Takaichi's statement around 9 p.m., the value of sanae token fell more than 50 percent.
