Russia and Japan have yet to sign a formal treaty ending World War II hostilities, due to their territorial dispute over the four South Kuril Islands, former Japanese territory annexed by the Soviet Union after the war.
"This [peace treaty] can only be done in a way that will meet the national interests of the Russian Federation," Putin told reporters.
He said the content of a peace treaty would be a focus of future bilateral negotiations.
The premier said on Tuesday that President Dmitry Medvedev would discuss territorial issues and a formal peace treaty with Japanese Prime Minister Taro Aso at the upcoming G8 summit in Italy.
Putin visited Tokyo on Tuesday to discuss the long-standing dispute, along with economic, energy and international issues.
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During Vladimir Putin’s annual Q&A session some members of the Valdai International Discussion Club asked him several questions. How united is the West in its desire to punish Russia? Which EU countries are in favour of isolating Russia? Is this even possible? And what is going on in Ukraine?