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Japanese vote of confidence in EFSF as country invests in fund

JAPAN signalled a vote of confidence in the recently downgraded European Financial Stability Facility when it bought up €120m of new six-month bonds.

The EFSF €1.5bn sale drew bids of over €4.6bn which came just a day after the fund was downgraded by one notch from AAA by ratings agency Standard & Poor’s.

Japanese authorities added that they plan to buy up more EFSF bonds, despite the downgrade of the fund which was established in 2010.