Elon Musk: Japan issues rare warning over fake X account

Ministry Urges X (Formerly Twitter) to Remove Fake Account Impersonating Key Yen Stabilization Figure

Social Media Impersonation Alert: Japan’s Finance Ministry Acts Against Masato Kanda Fake Account

In a noteworthy move, Japan’s finance ministry has taken steps to halt an online impersonation that struck at the heart of its economic stability efforts. The ministry has reached out to X, formerly known as Twitter, urging them to promptly remove an account that was impersonating Masato Kanda, a pivotal figure in Japan’s mission to uphold the yen’s value on the global stage.

Twitter Impersonation Alert: Ministry’s Call to Action

In an unusual English-language post on the social media platform, the ministry emphatically stated, “Please refrain from engaging with or following the impersonation account.” The fake account, which had garnered a following of around 550 users, has since been suspended. X is yet to respond to inquiries from BBC regarding this incident.

Masato Kanda: A Key Player in Yen Stabilization

Masato Kanda holds a significant role among Japan’s monetary policymakers, his influence extending to shaping the trajectory of the yen against major currencies. His public declarations hold the power to sway the yen’s value, making the situation particularly delicate.

Unveiling the Impersonation

The counterfeit account, masquerading as Vice Minister Kanda Masato of Japan’s Ministry of Finance, had refrained from discussing the yen or financial markets, as per Reuters news agency. Five posts were detected on the account, with the latest attempting to mimic Mr. Kanda’s recent trip to Ukraine.

“A Case of Impersonation: Ministry’s Official Statement”

The ministry released an official statement on X, confirming the impersonation: “A Twitter impersonation account (Masato Kanda @Jgghkj_) posing as Vice Minister Kanda Masato of the Ministry of Finance of Japan was confirmed.” The ministry has made a formal request for X to suspend the fraudulent account.

Account Suspended: Taking a Stand Against Impersonation

As of Friday, a notification on X revealed that the imposter account had been suspended due to violations of “Twitter Rules.”

Yen’s Safe-Haven Status and Recent Challenges

Long revered as a safe haven in global financial markets, the yen’s allure has been tested in recent months. It has experienced a decline against the US dollar, attributed in part to Japan’s central bank maintaining its main interest rate below zero. While central banks worldwide raised their interest rates significantly, Japan’s unique approach impacted the yen’s desirability among investors.

Bank of Japan’s New Course and Yen’s Response

In a recent development, the Bank of Japan decided to keep interest rates at ultra-low levels, but with a newfound flexibility for future rate increases. Despite this, the yen exhibited weakness, hitting 143.89 against the dollar – its lowest level in over a month – as of Thursday.

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In a realm where digital presence is paramount, the Ministry’s swift response highlights the gravity of online impersonations. This incident serves as a reminder of the ever-evolving challenges in the digital age and the importance of maintaining the integrity of online platforms.

Elon Musk: Japan issues rare warning over fake X account

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