Japan’s finance ministry has issued a rare warning to Twitter (referred to as “X” in the article) regarding an impersonation account that was pretending to be Masato Kanda, the top currency diplomat.
The ministry called on Twitter to take down the account, urging users not to follow or engage with it. “Please don’t follow the impersonation account and/or comment on the post,” the ministry said in a rare post in English on the social media platform.
Masato Kanda is a significant figure in Japan’s efforts to stabilize the value of the yen and an influential voice among the country’s monetary policymakers. His public comments hold the potential to impact the yen’s value against other major currencies.
The fake account had gained around 550 followers before it was suspended. Fortunately, it had not made any comments related to the yen or financial markets, according to Reuters.
The most recent posts on the account appeared to impersonate Mr. Kanda’s supposed trip to Ukraine.
“A Twitter impersonation account (Masato Kanda @Jgghkj_) posing as Vice Minister Kanda Masato of the Ministry of Finance of Japan was confirmed,” the ministry said in a post on X on Thursday.
The finance ministry added that it was “currently requesting that X (formerly Twitter) suspends the impersonation account.”
As of Friday, X displayed a notice stating that the account had been suspended for violating their rules.
Bank of Japan’s Stance on Interest Rates Signals Potential Policy Shift
The yen has historically been considered a safe haven in the global financial markets, attracting investors during times of crisis. However, in recent months, the currency’s value has declined against the US dollar.
This depreciation can be attributed to the Bank of Japan’s decision to maintain its main interest rate below zero, while other central banks worldwide have raised their interest rates significantly.
When interest rates are higher, a currency becomes more appealing to investors, leading to increased demand.
Last week, the Bank of Japan chose to keep interest rates at ultra-low levels but indicated a willingness to allow rates to rise more freely in the future.
Despite this, the yen continued to weaken, reaching 143.89 against the dollar on Thursday, marking its lowest level in over a month. This indicates that the currency is still facing challenges despite the central bank’s potential policy adjustments.