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The yen has gained against the other major currencies, most likely driven by persistent worries over turmoil in the emerging economies.
The European Central Bank will launch a program to buy 60 billion euros of private and public bonds starting in March.
Eurozone banks could face a credit crunch as they compete with governments for funds in coming years, analysts and the European Central Bank say.
Eurozone public debt has risen sharply, to 93.9 per cent of GDP in the 2014 first quarter, from 92.7 per cent in the last quarter of 2013.
Eurozone leaders told near-bankrupt Greece at an emergency summit on Sunday it must enact key reforms this week to restore trust before they will open talks on a financial rescue to keep it in the European currency area.
Eurogroup head Jeroen Dijsselbloem says Greece has until the end of the week to request an extension to its bailout program.
A new survey shows Eurozone business activity continues to gather pace as the region climbs out of its record recession.
European leaders must anchor their actions in more austerity if the eurozone is to avoid "disintegration" and "depression," the EU's economics commissioner Olli Rehn has warned.
Greece has completed a three-year eurozone bailout programme designed to assist it to cope with the fallout from its financial crisis.
The eurozone has reached a crucial juncture and its leaders will work with the European Central Bank to save the single currency.
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