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A Junction Object is specifically designed to facilitate a Many-to-Many relationship between two other objects in Salesforce. It achieves this by utilizing two master-detail relationships, where each relationship connects the Junction Object to one of the primary objects. This structure allows for complex data associations and interactions between entities.

In the context of Salesforce, when you create a Junction Object, you're essentially allowing multiple records of one object to be related to multiple records of another object. This capability is particularly useful in scenarios where you need to model relationships such as Students and Courses, where a Student can enroll in multiple Courses and each Course can have multiple Students.

The other options do not accurately describe the function of a Junction Object. In particular, although lookup relationships can create associations, they do not inherently establish the strict Many-to-Many relationship required for a Junction Object without the master-detail configuration. Additionally, Junction Objects are not designed to connect external web services or classified as standard objects, which further distinguishes them within the Salesforce architecture.