The receding breakup fear also hit momentum among governments to correct the flaws in the euro zone's makeup, slowing the push to complete a euro-zone "banking union" and to cut the links between governments with weak finances and feeble banks, which was undermining confidence in both.

WSJ: Italian Uncertainty Rekindles Euro-Crisis Fears

With demand from America and elsewhere likely to remain weak for at least the immediate future, that will leave Japan dependent on its feeble domestic economy.

ECONOMIST: Japan