The market has been somewhat aware of oil and the dollar/yen as potential risks for Japanese shares.

The G7 statement clarified Japan's problems --- the out-of-dated tax system (which deters the flow of capital into the stock market) and lack of support from monetary policy to encourage banks to write off their bad loans.

The dollar's average break-even level for Japanese manufacturers is estimated at 115.32 yen for the current business year. So if the dollar slips to around 115 yen, that should be pretty negative to Japan's corporate earnings and its economy.

Signs that the U.S. stock scene is improving really helps lift spirits at home.

The big kicker here is the potential for oil and gas in Equatorial Guinea. This will give Hess potential significant upside if they have additional discoveries there.

There is a lot of potential for China to import more crude oil from Russia.