A G20 summit was held recently in Moscow, Russia. The meeting came at a sensitive time, with concerns on US Fed, Beijing, and Japan being dominant.

The US Federal Reserve was intent on slowing down its bond-buying program, which inevitably will be shut down. Beijing, on the other hand, was doing a re-balancing act in the most dynamic economy of the world. The G20 group sought reassurance from both China and the United States to not "upset the apple cart."

G20 summit participants were looking at was Japan as well. "Most of the partners are losing more and more patience with Japan. They want to see concrete structural reforms", according to statement from a G20. Similarly, a document from the European Union held the same view. According to the EU document, Japan needed to have "medium-term fiscal consolidation plan" and focus on taking steps toward structural reforms that would bring sustainable growth.