The Weekend Is Over, And Japan Is Surging

China is back after its one-week Lunar New Year holiday, and stocks are up. China's Shanghai Composite is up around 0.4 percent to start the week.

Japan's Nikkei, however, is up a solid 2.0 percent.

G20 leaders, who have been meeting in Moscow, declared that there would be no global currency war. However, there wasn't much mention of Japan, which the markets appear to be interpreting as a pass.

Fed Chairman Ben Bernanke's recent language has also been interpreted as a green light for Japan to devalue.