Group of Seven finance leaders at their latest meeting in Sicily shared the view that prices in Japan are continuing to decline and downside risks remain.

Although Bank of Japan Gov. Masaru Hayami later said there was no call for quantitative credit easing, that's exactly the initiative Japan's G7 partners want the BOJ to take.

Hayami has cited four possible approaches to quantitative credit easing: assuring ample liquidity in the financial market; setting a quantitative target for market operations; increasing outright purchases of long-term government securities; and intervening in the currency market to hold the yen down.