Japanese PM Sanae Takaichi Under Scrutiny, Crypto Supportive Admin in Trouble?

• Sanae Takaichi is under scrutiny.
• The Japanese PM is known for being favorable to the crypto segment.
• The crypto market continues to react to geopolitical situations.

Japanese PM Sanae Takaichi has come under scrutiny over allegations related to monetary policy. While she is not known to be outspoken, Sanae has always been seen as a pro-crypto figure by the industry, given her favorable stance on multiple occasions. The development comes at a time when the crypto market is heavily reacting to the ongoing geopolitical situation.

Spotlight on Japanese PM Sanae Takaichi

Sanae Takaichi is facing allegations about pressuring the central bank to halt rate hikes. The Japanese PM reportedly sought a slower pace under the reservations of additional tightening of the economy. The scrutiny stems from the fact that the Bank of Japan operates individually, even though it often coordinates with the government on different aspects.

Finance Minister Satsuki Katayama, when asked, said that they were hoping for the BOJ to work closely with the government and achieve a stable inflation of 2%. Satsuki called it a sensitive matter and declined to comment any further.

The decision of rate cut or hike by the BOJ is coming under discussion due to a rise in oil prices, which could impact the economy.

Pro-Crypto Stance

Sanae Takaichi has worked to draft policies that somehow support the crypto industry. She has advocated for technological sovereignty and investment in Web3 & blockchain, or the entire digital infrastructure.

The most recent example is the Financial Services Agency, or FSA. It marks a positive shift to support the segment by enabling banks to hold $BTC and ban crypto insider trading. She has recognized the innovative potential of the market even though Sanae views them as speculative.

Japan was last seen expanding access to crypto investment products. This includes ETFs, fueling a significant surge to 8 million in the user base over 5 years.

Crypto Market and the Geopolitical Situation

The geopolitical situation pertains to the Iran war, which has raised alarms about higher prices and a global recession. Trump has hinted that the war could end soon, bringing oil prices lower and calming down the crypto market. The former is evident from the decline of around $20. The latter reflects through a surge over the last 24 hours.

$BTC has crossed the $70k with a spike of 4.50%. ETH, the second-ranked cryptocurrency in terms of market cap, has jumped by 3.67%. Even the FGI has shifted upwards to 25 points, higher than the earlier mark of 14 points.