It's the air pump control/check valve for the secondary air injection pump, which feeds fresh air into the exhaust manifold when the engine's cold.
This raises the temperature of the exhaust gas as the additional oxygen burns off with any remaining fuel in the rich exhaust mix, which reduces emissions.
It also causes, or is installed specifically to help, the catalytic convertors to get up to operating temperature faster, further lowering emissions.
That particular valve prevents hot gases flowing back in from the exhaust manifold to the air pump
Some catalytic convertors require a supply of fresh air to operate properly too, provided by the same system, although I'm not sure how common they are.