The government administrator told journalists earlier this week that he intends to watch closely the relationship between both currencies. But Japan is unlikely to embark on any activity to lend much support to the euro, according to MarketWatch. Though he did note Japan's intention to continue purchasing bonds.
"I don't think this will immediately shake the credibility of EFSF bonds," which Japan has bought regularly since the fund's inaugural debt auction last January, the minister said, according to MarketWatch. "We have bought them as important products for stable management (of Japan's foreign reserves), something that is worth holding, and there won't be any immediate change in our thinking."
Azumi said the purchase of the bonds will do its part to release at least some of the duress on the embattled region that is suffering from the two-year-old debt crisis, according to Kyodo.
More than the equivalent of $4.5 billion in Japanese yen has been devoted to bonds bolstering Portugal and Ireland, two euro zone nations that have received international bailout aid.
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