As conflict persists in the east, the massive financial lifeline pledged by the international community is rife with uncertainties, especially linked to the country's debt. Strangled by 10 months of deadly fighting between government forces and pro-Russia separatists, Ukraine's backers have proposed a new $40 billion, four-year deal to support government finances and combat a severe recession.

The American-led global economic and financial system is broken — you have only to look at the shenanigans in Washington these last few weeks to see that — so where are the clear thinkers who can dream of a plan to fix things, and where are the practical politicians who dare to try to shape a new world? It is time for Japan to take a lead.