December 25, 2011 / 12:34 PM / 9 years ago

Japan looking to buy Chinese government bonds

BEIJING (Reuters) - Japan will seek to buy Chinese government bonds, the Japanese government said in a statement issued after Prime Minister Yoshihiko Noda held talks in Beijing with Chinese Premier Wen Jiabao on Sunday.

The statement given to reporters gave no details of when Japan might seek to buy the bonds or on what scale.

Japan had earlier indicated it is in talks to buy Chinese government debt to strengthen economic ties.

Despite sometimes rancorous political ties between the two neighbors, Japan’s economic fortunes are increasingly tied to China’s economic growth and consumer demand.

China has been Japan’s biggest trading partner since 2009.

In 2010, trade between the two nations grew by 22.3 percent compared to levels in 2009, reaching 26.5 trillion yen ($339.3 billion), according to the Japan External Trade Organization.

China and Japan are also the world’s first and second-biggest holders of foreign reserves.

Reporting by Chris Buckley; Editing by Yoko Nishikawa

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