The market is very excited about this comment. USD/JPY quickly down to 119.70 as stops blown out in a drop from 120.40. USDJPY after the comments. The comments are from Koichi Hamada, adviser to Japanese Prime Minister Abe, speaking on BS Fuji TV. • Yen at 105./USD appropriate given purchasing parity • Yen at 120 is weak considering purchasing parity • Consumption will rise in Japan as stocks rise • Monetary policy is working well in Japan The market dropped as the comments were carried on Bloomberg. (full story)