Now for a look at Japan. Japanese Finance Minister Taro Aso says that the government and the Bank of Japan could work together to achieve the country's two percent consumer price inflation target.

The minister also said that Japan has essentially escaped the economic malaise linked to asset price deflation. Aso added that policymakers need to do more to eliminate concerns that rising retail prices may discourage shoppers. Meanwhile, analysts say Japan's asset prices are recovering thanks to a rebound in land prices after a decade of decline. The analysts also noted that Japanese stocks have reached their highest levels in more than 20 years.