Prime Minister Sanae Takaichi said she was not involved with the new cryptocurrency “sanae token” in a post on X on Monday, warning the public about possible misinformation regarding it.
“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,” Takaichi said in the post. “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.”
Sanae token is a meme coin that NoBorder — a YouTube channel featuring political content run by Japanese entrepreneur Yuji Mizoguchi — announced on Feb. 25 as an incentive token for its project “Japan is Back,” a slogan Takaichi inherited from her mentor, former Prime Minister Shinzo Abe.
The project aims to “update democracy through new technology” using artificial intelligence and Web3, or the concept of a decentralized internet where users own their own data. NoBorder said it chose the name because “Sanae” symbolizes “a democratically elected leader.”
Although the sanae token website carries a disclaimer stating it is “not affiliated with or endorsed by Ms. Takaichi,” the project has drawn criticism on social media, with some users calling it “misleading.”
Confusion appears to have been compounded after an X account describing itself as the prime minister’s “officially recognized” support group reposted NoBorder’s announcement.
“Team Sanae empathizes with this initiative and would like to collaborate with our activities,” the support group said in its repost.
In the four hours following Takaichi’s statement on X at around 9 p.m., sanae token’s value fell more than 50%.
