The yen dropped as much as 0.4 percent after ruling Liberal Democratic Party lawmaker Kozo Yamamoto said the Bank of Japan’s Oct. 30 meeting would be “good opportunity” for further easing.

The Japanese currency reversed earlier gains and was at 120.62 per dollar as of 2:07 p.m. in Tokyo on Thursday, after touching 121.33, the weakest this month. It had climbed as much as 0.5 percent to 119.98.

The BOJ should increase the annual pace of asset purchases by at least 10 trillion yen ($83 billion), said Yamamoto, who has advised Prime Minister Shinzo Abe on economic policy, speaking in an interview with Bloomberg.

“There was an immediate round of yen selling on the headlines from the Yamamoto interview, no doubt in part because markets hadn’t been placing much risk of BOJ action on Oct 30,” said Sean Callow, a currency strategist at Westpac Banking Corp. “But USD/JPY trimmed its gains as his call for further easing was placed in context of his long-standing preference for more aggressive monetary easing. A change in policy next month still strikes us as unlikely.”

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