Japan to buy ESM bonds to stabilize the yen

FXstreet.com (Barcelona) - The big story in the Asian session is the announcement by Japan of its commitment to purchase ESM bonds to help stabilize Europe, Japan Finance Minister Taro Aso told reporters.

The decision-maker added that Japan will buy European ESM bonds using FX reserves, although amount of bond buys is undecided at this point, he said. In another Reuters headline, Mr. Aso said the buys will start as soon as today.

Meanwhile, the Economic Revival Minister Amari said that upcoming BoJ stimulus will be "significant". After the news broke out, the Euro was bid to the boots over 30+ pips to session highs vs most competitors.