Japan’s finance ministry has requested X, formerly known as Twitter, to take down an account impersonating its top currency diplomat, Masato Kanda. The ministry issued a rare post in English on the social media platform, urging users not to follow or comment on the impersonation account. Mr. Kanda plays a crucial role in Japan’s efforts to stabilise the value of the yen, and his public statements can influence the currency’s value against other major currencies.
The fake account, followed by around 550 users, had not made any comments on the yen or financial markets, according to Reuters. It had posted five times, with the most recent post seemingly impersonating Mr. Kanda’s trip to Ukraine.
The finance ministry posted a notice on X (Twitter), confirming the impersonation account and requesting its suspension. Subsequently, the account was suspended for violating “Twitter Rules.”
The yen has traditionally been considered a safe-haven currency that investors turn to during times of crisis. However, its value has declined against the US dollar recently, partly due to Japan’s central bank maintaining its main interest rate below zero while other central banks raised their interest rates. Higher interest rates make a currency more appealing to investors, leading to increased demand and appreciation.
Despite the Bank of Japan’s decision to keep interest rates at ultra-low levels, allowing more flexibility for future rate increases, the yen weakened to its lowest level in over a month, reaching 143.89 against the dollar.