FxWirePro: USD/JPY spike quickly sold-off, reverts to familiar ranges near 120.70 levels

USD/JPY shoots up to 121.38 on belated reaction to LDP Yamamoto's talk, but spike was quickly sold off.

• The pair edged lower back under 121 and is currently trading at 120.80, why USD/JPY decided to react to the news over the past half hour a mystery
• LDP Yamamoto at 5 AM JST noted Oct 30 would be good time for BoJ ease. Mr Yamamoto is known to make personal, off-the-cuff remarks
• Yamamoto also said that Japan needs JPY3.5-5.0 tln inspending in extra budget, and that Japan should issue new JGB's for stimulus if needed
• Market focus shall remain on European and US equities for further momentum amidst data light U.S. calendar