 Yoshihiko Noda, Japan's finance minister, says his country is ready to help out the eurozone. Bloomberg photo |
Japan on Tuesday said it would buy bonds from a eurozone rescue fund to help finance Ireland's bailout and support the debt-hit bloc, following similar overtures from China amid fears of a spreading crisis.
Finance Minister Yoshihiko Noda said Japan should help boost confidence in the bonds issued by the European Financial Stability Facility, or EFSF, as concerns grow for nations such as Portugal.
In pledging such purchases Japan is joining China, which has already expressed readiness to assist European economies seen as most exposed to a debt crisis by pledging to buy bonds directly from Spain, Greece and Portugal.
"It is appropriate for Japan, as a major economy, to buy some of the EFSF bonds" to help boost confidence in Europe's efforts, Noda said.
"We're thinking about buying more than 20 percent of the amount" of EFSF securities to be issued in the initial round, he said.
The 440-billion-euro EFSF, set up last year to preserve financial stability in the eurozone in the wake of the Greek crisis, plans to issue this month bonds guaranteed by solvent eurozone members to raise bailout funds for Ireland.
The Nikkei business daily said Tokyo would buy about 100 billion yen of bonds, (930 million euros) from around 5 billion euros that the market could offer EFSF by the end of the month.
Finance Minister Yoshihiko Noda said Japan should help boost confidence in the bonds issued by the European Financial Stability Facility, or EFSF, as concerns grow for nations such as Portugal.
In pledging such purchases Japan is joining China, which has already expressed readiness to assist European economies seen as most exposed to a debt crisis by pledging to buy bonds directly from Spain, Greece and Portugal.
"It is appropriate for Japan, as a major economy, to buy some of the EFSF bonds" to help boost confidence in Europe's efforts, Noda said.
"We're thinking about buying more than 20 percent of the amount" of EFSF securities to be issued in the initial round, he said.
The 440-billion-euro EFSF, set up last year to preserve financial stability in the eurozone in the wake of the Greek crisis, plans to issue this month bonds guaranteed by solvent eurozone members to raise bailout funds for Ireland.
The Nikkei business daily said Tokyo would buy about 100 billion yen of bonds, (930 million euros) from around 5 billion euros that the market could offer EFSF by the end of the month.
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