Sarah Travers
The Finance Ministry of Japan has issued a public request to X, formerly known as Twitter and currently owned by billionaire Elon Musk, to delete a fraudulent account imitating their chief currency diplomat, Masato Kanda.
In a rare English-language post on the social platform, the ministry urged users not to interact with the imitation account. Mr. Kanda plays a significant role in Japan’s efforts to stabilize the yen, the currency of the world’s third-largest economy.
As of now, the impersonating account seems to be suspended. X did not immediately reply to a BBC request for comment.
Mr. Kanda’s public remarks substantially influence Japanese monetary policy decisions and can potentially sway the yen’s value against other significant currencies. According to Reuters, the fraudulent account, followed by approximately 550 users, had not commented on the yen or financial markets.
The account had made five posts, with the most recent one allegedly imitating Mr. Kanda’s recent trip to Ukraine. “An impersonation Twitter account (@Jgghkj_) posing as Vice Minister Kanda Masato of the Ministry of Finance of Japan has been confirmed,” the ministry posted on X on Thursday, adding that they are “currently requesting that X suspends the impersonation account.”
By Friday, a notification on X indicated that the account had been suspended due to violating “Twitter Rules”.
Historically, the yen has been a preferred investment during times of crisis, thanks to its reputation as a haven in global financial markets. However, its value against the US dollar has depreciated in recent months. This decline results from the Bank of Japan maintaining its prime interest rate below zero, while other global central banks have significantly increased theirs.
Higher interest rates typically make a currency more appealing to investors, leading to a decrease in demand for currencies from countries with lower rates, causing those currencies to depreciate.
The Bank of Japan held interest rates at deficient levels last week but stated its willingness to allow rates to rise more freely. Nonetheless, the yen dropped to 143.89 against the dollar on Thursday, marking its lowest point over a month.
This situation underscores the need for social media platforms to implement more robust measures to prevent identity theft and impersonation, as the misuse of such platforms can have significant ramifications, particularly when high-profile individuals like Mr. Kanda are involved. With the recent trend of currencies falling due to low-interest rates, countries rely on their policymakers’ influence to maintain stability. The digital community will closely watch how X and other social media platforms handle such issues, particularly given their potential impact on global markets.
