On Wednesday, the official X account of “NoBorder,” a political YouTube channel run by entrepreneur Yuji Mizoguchi, announced that the cryptocurrency “Sanae Token,” named after Prime Minister Sanae Takaichi, will be renamed. The channel said it will compensate holders and establish a verification committee to investigate this matter. “This project began with the earnest desire to ‘deliver the voices of the people to Prime Minister Takaichi.’ However, contrary to that intention, it ended up causing trouble for her and all related parties, a fact we take with the utmost gravity,” the company wrote on X.
Earlier in the week, Takaichi denied any involvement in the cryptocurrency. In a post on X on Monday, she wrote: “Due to the name, it seems there are various misunderstandings, but regarding this token, I have absolutely no knowledge of it, nor has my office been informed about what this token entails. We have not given any approval whatsoever in this matter.” The prime minister added that she was issuing the statement “to ensure that the public does not labor under any misapprehensions.” The post has garnered more than 67 million views at the time of writing.
Screenshot from the “Japan is Back Project” website associated with the Sanae Coin (https://japanisbacksanaet.jp)
What Is the Sanae Token?
The Sanae Token is a Solana-based meme coin that was launched by NoBorder in late February. It was presented as part of a broader Web3 initiative called “Japan is Back.” The slogan was originally popularized by Takaichi’s mentor, the late Prime Minister Shinzo Abe. The channel chose the name Sanae because it represented the idea of a “democratically elected leader.” The project’s website featured illustrations of and references to the prime minister. However, it also included a disclaimer stating it was not officially affiliated with or endorsed by Takaichi.
Japan’s Financial Services Agency (FSA) is reviewing whether the entities behind the Sanae Token are properly registered under Japan’s cryptocurrency regulations. Under the Payment Services Act, virtual-currency projects or exchanges are generally required to register as crypto asset exchange operators with the FSA. Early reporting indicates that the companies associated with the token are not on the FSA’s registered list, and no recent application appears to have been filed. If enforcement finds legal violations, the financial watchdog could pursue administrative or legal action against the operators.
