Demographics. The late 20th century rise of Japan tracks with their post-war generation; the institutions built then, centered around MITI, were very strong and

Demographics. The late 20th century rise of Japan tracks with their post-war generation; the institutions built then, centered around MITI, were very strong and propelled the country into a leading exporter, and then an asset bubble economy. With the 90's, the bubble collapsed and globalization took hold, moving the industral exports increasingly towards China. But, as with the other major powers involved in the war, the institutions of the postwar largely stayed in place. The bubble then reappeared elsewhere in Asia, and then in US real estate, and eventually(where we are now) became called the "Everything Bubble", where all of these countries have a zombie company issue and a corresponding lack of creative destruction. Japan was simply the earliest to experience the demographic effects leading into this cycle; they are ahead on aging, population decline, etc.