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Right now, a majority of the debt is owed to foreign interests, Japan being the largest purchaser of government debt today, soon to be surpassed by China as the number one purchaser of our debt in this Nation.

China will be the answer to Japan's problems.

Japan has only 100m people. Asia has 4bn. At least one-third, maybe nearly half, will become middle class, and this is a big opportunity for Japanese businessmen.

The aging and decreasing population is a serious problem in many developed countries today. In Japan's case, these demographic changes are taking place at a more rapid pace than any other country has ever experienced.

Government bonds have basically been sold in the domestic market, so there is some sense of stability, but the amount of public debt is really severe... Japan must manage its finances with a sense of urgency.

When a population saves a lot, the funds are invested outside the country as well as inside. If the Japanese invest in the United States, it pushes their exchange rate down and makes their manufacturing more competitive.

Every American born today owes $43,000 to the federal government the day she or he is born. And we are transferring a tremendous amount of debt to the new generation, much of it owed to overseas creditors who expect to be repaid by our children with interest.

Further, Japan is the second largest donor in Iraq after the United States, with over $5 billion dollars for humanitarian, infrastructure and reconstruction projects.

I speak of the old Japan, because out of the ashes of the old Japan there has risen a new Japan.

If Japanese companies don't reform drastically and implement English as their daily business language, the economy will only continue to contract.