A cryptocurrency named after Japanese Prime Minister Sanae Takaichi has sparked controversy after surging in value before crashing when she denied any connection to it.
According to Takaichi's social media post on the 4th, the prime minister distanced herself from "Sanae Token" after its price skyrocketed dozens of times following its launch.
"I heard that trading of Sanae Token is taking place," she said. "There seem to be various misunderstandings because of the name, but I have no knowledge of this token whatsoever, and my office has not received any information about what this token is."
She added that she has "not approved anything" regarding the cryptocurrency and stated she was making the announcement "so that the public does not have any misconceptions," denying any association with the token.
Sanae Token was launched on the 25th of last month by Japanese businessman Yuji Mizoguchi, 42. The website promoting the cryptocurrency features an illustration of Prime Minister Takaichi alongside the tagline: "Sanae Token is not just a meme coin—it is Japan's hope."
The token launched at approximately 0.1 yen (about 1 won) and surged roughly 26-fold to around 2.6 yen (about 26 won). However, after Takaichi denied any connection, the price plunged 50%, and Japanese media reported that the operator apologized to protesting investors.
Analysts suggest the token's emergence is linked to Takaichi's high approval ratings. A Mainichi Shimbun poll conducted on the 21st-22nd of last month showed the Takaichi cabinet with 61% approval. A more recent telephone survey by commercial broadcaster JNN, conducted over two days starting the 28th of last month with 1,028 respondents, recorded 71.8% approval for the Takaichi cabinet.
This is not the first cryptocurrency named after a politician. U.S. President Donald Trump directly issued "Official Trump" coin in January last year, timed with his return to power. The coin initially surged approximately 70-fold to $74 (about 110,000 won) but has since fallen to around $3.30 (about 4,882 won).
