For once, Japan may not be singled out for lagging behind when finance ministers and central bank chiefs of the Group of Seven economic powers get together Friday to discuss global trends.

The G7 meeting, in Washington, will be held as share prices around the world remain on a downward path and as a recovery in Europe, particularly in Germany, is weakening.

The downward swings mark a stark contrast to the 1990s when Japan's economy was stumbling along while most of the rest of the developed world took a ride on an unprecedented bull market.