"Failure to agree this week would likely make it difficult to have a smooth resolution before the end of June, partly because another extension of the program would require the approval of some national parliaments," Barclays analysts said in report.
In currency markets, the yen surged against the dollar and other currencies after Bank of Japan Governor Haruhiko Kuroda said the yen's effective exchange rate is unlikely to weaken further.
The dollar fell to as low as 122.77 yen from the day's high of 124.63 JPY= and last stood at 123.03.
"I would consider his comments today as his first attempt for verbal intervention against a weaker yen. The government has been making cautious comments about a weak yen since late May.
But Kuroda's comments seems to be aimed at delivering their intention in a clearer way," said Koji Fukaya, president of FPG Securities.
U.S. dollar was largely steady against other currencies. The euro traded little changed at $1.1296 EUR=EBS.
Elsewhere, mainland Chinese shares, currently dominated by retail Chinese investors, suffered a small setback after U.S. index provider MSCI Inc (MSCI.N) said on Tuesday it will hold off including China-listed shares in its widely tracked indexes.
But MSCI also said it expects China-listed shares to be incorporated once outstanding market accessibility issues are resolved - a move that could inject an estimated $400 billion of funds from asset managers to mainland shares.
Shanghai shares fell 0.5 percent .SSEC, though they are still up more than 35 percent so far in this quarter, having rallied strongly on hopes of stimulus from Chinese government.
Oil futures extended gains, with U.S. crude and gasoline inventories set to drop and as the Energy Information Administration (EIA) raised its 2015 oil demand growth forecast.
Brent crude futures LCOc1 rose 1 percent, or 68 cents, to $65.55 a barrel. U.S. crude CLc1 climbed 1.6 percent, or 92 cents, to $61.06 a barrel.
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