Tuesday, March 13, 2012

TOKYO

TOKYO: Japan has won approval from Beijing to buy Chinese government bonds for the first time, Tokyo's Finance Minister Jun Azumi said Tuesday.

Japan was cleared to buy issues worth $10.3 billion, Azumi told a news conference in Tokyo.
Japan and China had initially agreed to the bonds purchase in December, subject to regulatory approval, as part of a wider deal aimed at stabilising the Asian financial markets amid global economic turmoil, Azumi said Tuesday.
Under the deal, Beijing gave the green light for Tokyo to buy $10.3 billion in Chinese public debt, but completing the purchase "will take several months because of some administration work", Azumi said.
"We also need to consider the environment in the market in deciding when to buy the bonds," he added.
"We will start purchasing in small amounts, considering various viewpoints of asset management."

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Source from Channel News Asia

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