Asia fears over debt have peaked: Commissioner

(TOKYO) - EU internal market commissioner Michel Barnier on Thursday said concerns in Japan and China over European debt had already peaked and the Asian giants were showing signs of renewed confidence.

"In China as in Japan, there is vigilance but also confidence (with regards the European authorities)," Barnier said in Tokyo on the last leg of his Asian tour, which has also included a trip to China to meet the finance minister.

"The peak of concern for them was last autumn."

Barnier, whose remit focuses on the European Union's single market as well as public procurement, also met with Japan's minister for financial services and the governor of the Bank of Japan.

The Bank of Japan last month warned the European debt problem was a significant risk that "could lead to a weakening of growth, not only in Europe but around the world".

With the second and third largest economies in the world, China and Japan hold large reserves of foreign exchange and have been asked to buy bonds in the European Financial Stability Facility.