ofcourse, probably every name in the series has a source and wasn't just made up. i mean even tolkien borrowed most of the names in the lord of the rings from european mythologies, in the hobbit all the names of the dwarves except for one and even the name gandalf were taken directly from the Dvergatal or "Catalogue of the Dwarves", found in the Poetic Edda. i won't be surprised if the names in naruto are taken directly from japanese mythology and folklore.
edit: i just rememberd, amaterasu = the sun god, tsukuyomi = the moon god. to support what i said.