By Andrew B. Busch, CNBC Contributor

NEW YORK ( CNBC) -- Today, Japanese Finance Minister Noda said that Japan would use its existing euro foreign exchange reserves to buy a large portion of the bonds issued by the European Financial Stability Fund. "There is a plan for the euro zone to jointly issue a large amount of bonds late this month to raise funds to assist Ireland. It's appropriate for Japan to make a contribution as a leading nation to increase trust in the deal. We want to buy more than 20 percent."

Japan joins China in pledging to buy European debt to quell the uncertainty surrounding the sovereign debt and bailouts. Last week, Chinese Vice Premier Li Keqiang pledged to buy Spain's debt and expressed confidence in Spain's financial markets. It appears to be a global effort to stabilize the European debt situation and more nations may be participating. (Rumors were that Brazil was buying Portuguese debt, Fin Min Mantega denied the reports.)
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The major question is whether the United States will bow to international pressure and join the debt buying party.

It is no coincidence that French PM Sarkozy was in D.C. yesterday meeting with President Obama. "I've always been a great friend, a tremendous friend of the United States and I know how important a role the U.S. plays in the world, how important the U.S. dollar is as the world's No. 1 currency," Sarkozy told reporters.

Sarkozy did not publicly repeat his call for starting to wean the world off decades of dollar-dependence, but talked more generally of the need for forge ahead with "new ideas for a new century" to promote economic stability according to Reuters.