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Japan’s prime minister Sanae Takaichi has warned the public that she has no connection to a meme cryptocurrency named “Sanae token” and cautioned her supporters not to be misled by the name.
“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,” Ms Takaichi wrote on X.
“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,” she said.
Ms Takaichi, Japan’s first woman prime minister, has a strong social media following and her ruling Liberal Democratic Party recently won a landslide general election victory, buoyed by high approval ratings for her cabinet.
The meme coin was introduced on 25 February by NoBorder, a political YouTube channel run by entrepreneur Yuji Mizoguchi. The group described the token as part of a broader initiative titled “Japan is Back”, a slogan originally popularised by Ms Takaichi’s mentor, former prime minister Shinzo Abe.
According to NoBorder, the wider project seeks to modernise democracy by harnessing emerging technologies such as artificial intelligence and Web3 – a vision of a decentralised, blockchain-based internet where users have greater control over their data.
The channel said it selected the name “Sanae” because it viewed it as representing the idea of a “democratically elected leader”.
Despite a disclaimer on the token’s website stating that it is not linked to or endorsed by Ms Takaichi, the initiative faced backlash online.
Some social media users have criticised the branding as potentially misleading, arguing that the association with the prime minister’s name could create false impressions.
The confusion appeared to have deepened after an X account claiming to be an “officially recognised” supporters’ group for Ms Takaichi shared NoBorder’s announcement.
“Team Sanae empathises with this initiative and would like to collaborate with our activities,” the support group said in its repost.
In the hours after Ms Takaichi’s denial, trading activity around the token turned sharply negative, and its price dropped by more than half as investors reassessed its appeal following the clarification, according to The Japan Times. Coins themed on prime ministers and presidents are not a new phenomenon, with the Official Trump memecoin as the prime example.
Last year, Argentine president Javier Milei faced intense backlash for promoting a controversial Solana-based meme coin. Mr Milei rejected claims that he endorsed the newly launched cryptocurrency that crashed soon after he referred to it in a social media post.
The token, known as $Libra, initially surged in price but then plunged sharply, leaving most investors facing significant losses.
Source: https://www.independent.co.uk/asia/japan/japan-sanae-token-cryptocurrency-takaichi-b2930767.html
