FXstreet.com (San Francisco) - EUR/JPY spiked back up to opening levels above 115.00 after reports hit the newswires Tuesday that Japanese Finance Minister Taro Aso said the government will purchase ESM bonds using FX reserves, to help stabilize Europe and the yen. It is reported that these purchases could come as early as today.

Reuters is reporting that Japanese Prime Minister Shinzo Abe has confirmed that leadership “will compile a long-term growth strategy for the economy around the middle of this year,” and that there are details coming Friday on a plan to map out its economic stimulus package.

Spot last trades at 115.10, with bulls looking poised for a retest of the 115.50 (Jan 7 high) mark. Technical readings are quite overbought, but sentiment remains JPY soft and players may still be looking for significant bid on dips.