China approved Japan's application to buy up to 65 billion yuan ($10.3 billion) worth of China's government bonds,  reports Xinhua News Agency, citing Japan's Finance Minister Jun Azumi.
Azumi said the related procedures will take several months, and Japan will assess the market situation before deciding when the bond purchases will be conducted.
The two countries reached an agreement on the bond purchase last December during Japanese prime minister Yoshihiko Noda's visit to China.