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A robust economy is a source of national strength for Japan.

Japan's experience suggests the importance of assessing the sustainability of price stability over a fairly long period, which many central banks have emphasized in recent years.

At this time - we're in a dramatic crisis - euro bonds are precisely the wrong answer. They lead us into a debt union, not a stability union. Each country has to take its own steps to reduce its debt.

There's a tendency for the yen to strengthen because it's rated highly, but I don't think that accurately reflects Japan's economic performance.

The moment a large investor doesn't believe a government will pay back its debt when it says it will, a crisis of confidence could develop. Investors have scant patience for the years of good governance - politically fraught fiscal restructuring, austerity and debt rescheduling - it takes to defuse a sovereign-debt crisis.

To protect people's lives and keep our children safe, we must implement public-works spending and do so proudly. If possible, I'd like to see the Bank of Japan purchase all of the construction bonds that we need to issue to cover the cost. That would also forcefully circulate money in the market. That would be positive for the economy, too.

Public borrowing is costly these days, true, but interest rates on municipal bonds are still considerably lower than those borne by corporate debt.

We know that advanced economies with stable governments that borrow in their own currency are capable of running up very high levels of debt without crisis.

To finance deficits, the government must sell bonds to investors, competing for capital that could otherwise be used to invest in stocks or corporate bonds. Government borrowings raise long-term interest rates, stifling economic growth.