Japan’s “Sanae Token” Scandal Tests Legal Limits of Political Memecoins

Japan’s prime minister, Sanae Takaichi, publicly disavowed a Solana-based memecoin bearing her name and likeness, and the token’s price plunged 58% within hours. The Financial Services Agency has opened a probe into the issuer amid questions over whether the operation required a crypto exchange license.

SANAE TOKEN launched on Feb. 25 under a “Japan is Back” project run by serial entrepreneur Yuji Mizoguchi and his NoBorder DAO community; the project’s website showed Takaichi’s name and an illustrated portrait. Mizoguchi had said on the YouTube show “REAL VALUE” that he was in contact with Takaichi’s side, a claim that fuelled speculation of official backing.

On March 2 Takaichi posted on X that neither she nor her office knew about or had approved the token; the post drew over 63 million views and the token fell from $0.0137 to $0.0058, leaving a market cap near $62,000 and about $25,000 in liquidity by March 4.

Japan

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