Japan going to bed with Euro – Buys $152 Million of Euro Rescue Fund T-Bills

Japan has bought 120 million euros ($152 million) of new six-month bills sold by the euro zone’s rescue fund, the European Financial Stability Facility (EFSF), in an auction on Tuesday, a finance ministry official said.

The amount accounts for 8 percent of a 1.5 billion euros of six month bills sold by the EFSF in the auction which drew total bids worth 4.66 billion euros.

The auction came a day after U.S. ratings agency Standard & Poor’s downgraded the EFSF by one notch to AA+ from AAA, following downgrades of the ratings of France and Austria by the same margin and rating cuts of seven other euro zone nations.

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