The secret to their economic miracle were: keiretsu, MITI, exports, and extreme cooperation across society. Kaizen, processes, JIT, Deming on quality
Their collapse was triggered by the events of lost decade. People speculated on real estate because of low BOJ interest rate. Companies attetnion to maintaining market share and productivity were diverted to real estate speculation. When BOJ increased interest rates, Japans economy was doomed. Many companies shuttered.
The more important thing is culture. Japan's culture does not encourage change/innovation
Population is declining. More aged people deominate the population
