Tokyo, Japan – In the midst of growing market concerns over potential currency intervention due to the yen’s recent decline to a one-month low, Japan’s Ministry of Finance (MOF) issued a warning on Thursday regarding a fake social media account impersonating Masato Kanda, its top currency diplomat. The fraudulent account appeared on platform X, formerly known as Twitter.
This time, a Twitter impersonation account (Masato Kanda @Jgghkj_) posing as Vice Minister Kanda Masato of the Ministry of Finance of Japan was confirmed. Twitter account owned by himself and his staff does not exist.
— 財務省 (@MOF_Japan) August 3, 2023- ADVERTISEMENT -
In an unusual English-language post on X, the MOF urged users to refrain from engaging with the impersonation account and cautioned against following or commenting on its posts. The ministry clarified that the X account in question, purportedly belonging to Kanda or his staff, does not exist. It added that it is actively seeking X’s intervention to suspend the impersonation account. The official MOF Twitter account provided the statement, along with its official account link: https://twitter.com/MOF_Japan.
The fake account, using the name “Masato Kanda” and the user ID “@Jgghkj_,” was seemingly created in March and has made a total of five posts to date. These posts include three pictures of Kanda, posted on March 1, and a recent post imitating Kanda’s reported trip to Ukraine. Kanda, who serves as Japan’s vice minister of finance for international affairs, had visited Ukraine to communicate Japan’s support for the nation.
Despite the impersonation, the fake account has made no statements related to the yen or financial markets. Kanda has played a significant role in Japan’s efforts to counteract the sharp decline of the yen currency. He supervised extensive yen-buying and dollar-selling operations last year to address the currency’s depreciation.
In the lead-up to the Bank of Japan’s (BOJ) policy meeting on July 27-28, Kanda made uncommon remarks regarding potential adjustments to BOJ policy. He also conveyed a warning to the market that authorities would consider all available options to manage the excess volatility of the yen. In a surprising move last week, the BOJ altered its bond yield control program, allowing interest rates to have more flexibility.
As the yen weakened on Thursday to touch 143.89 against the U.S. dollar, nearing the 145-per-dollar threshold that triggered Japan’s first yen-buying intervention in over two decades, market observers remain attentive to the MOF’s subsequent actions. The ministry’s vigilance underscores the critical role currency dynamics play in Japan’s economic strategy, especially during times of heightened market volatility.