Not really. Between 20% and 30% of the population (estimations vary) has an IQ superior to 110 (the 145/150+ category represents barely 0.1%) , that's not what I call barely above average. Also, based on Richard Lynn's 'IQ and the Wealth of Nations', no country has an average IQ egal to 110, the highest is Hong-Kong with 107. Japan is indeed very well positioned with a 3rd place and an average of 105, but 5 points for an average are very significant. However, for a specific part of the population (such as college grads, doctors or other social or ethnic groupes), the average IQ can indeed be much higher than 110.
I don't know why, but IQ values are always overestimated on the internet where it seems 90% of the population has an IQ above 130...It's probably because of all these stupid worthless tests that always end up saying : 'Wow, you're very bright, you have an IQ of 130/140/150.'
source : http://sq.4mg.com/NationIQ.htm