Japan's Lost Decade - An Economic Disaster [Documentary]
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- เผยแพร่เมื่อ 12 พ.ค. 2024
- Japan in the 1990's suffered one of the greatest financial blowouts in history. In this episode we take a look at the formation and bursting of the great Japanese bubble and the ripple effects that can still be seen today.
Sources and Show Notes: docs.google.com/document/d/17...
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Producer: Dagogo Altraide, Tawsif Akkas
Writers: Meehan Kathan, Dagogo Altraide
Editors: Brayden Laffrey, Dagogo Altraide - วิทยาศาสตร์และเทคโนโลยี
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I love how as soon as you start talking about the golf clubs, your voice starts trembling like you can barely contain your laughter
Seriously, at the level of GDP of Taiwan at the time!
Pure hubris.
@@Pau_Pau9it just shows you that money is made up and doesn't really mean anything.
It makes sense, i read old manga called Doraemon which published in early '80. In many chapter, main character (Nobita) father often see cleaning his gold clubs. Not jus his father but also his uncle and his father coworkers and bos. We can see that golf club not just hobby but necessity for networking.
@Pau_Pau9 good post. Accurate.
I've heard the term "Japanese golf clubs" being used to describe lots of money or rich people multiple times in my life but I never had any idea what the association was until now.
I remember seeing a comment about modern day America reflecting 1990's Japan. Many young Americans are struggling to hit important life events that were deemed important by American culture. Many young Americans can't afford homes, struggling with the inflated prices, yet the stock market and real estate market remain near all time highs. Birth rates are declining, mental angst has been rising, a sense of hopelessness is filling the air. This channel has really made me understand how important economics is when it comes to shaping people. I always thought it was just business and numbers, but it dictates cultures.
when people mistaken it for just statistics is when people start getting it wrong. There’s always a humanitarian aspect to the economy. When corporations treat people like disposable assets more than humans people will naturally start to realize whats going on and get upset. When people start quitting, or when mass layoffs happen, it affects business performance, which affects the economy. This feels like it should be common sense for some people but theres plenty of people in this country who still have very little idea how economics works, unfortunately due to our education system being lacking in that department
The main thing is balance, an integral law of the universe. We just experienced skyrocketing increases in the standard of living. Now we can’t get more. In fact, it’s decreasing because we relied on the wrong foundations. Now those foundations (easiest is cheap foreign labor) will experience what we once had. It’s a trade off and has always happened to civilizations in the past.
I'm very worried about the overall societal degradation from lack of wealth. I'm even more worried that people are blaming the symptoms (drug addiction, homelessness/rv camping, and being young and poor).
Completely agree with both of you. This channel brought me to the same realization.
Depending on where you go to school and cultural norms, economics isn't broken down for people to understand the impact it can have on the individual it's being taught to or on their future self.
As I watched this video, all I could think about is the current state of America. I am wondering what else will be in store for my future self when the time comes for me to slow down (just a but 😉, lol) and retire.
I have high hopes for my future because I believe in a higher power. With that being said, I won't lie about some of the jitters I feel regarding that same future 🫠.
This was a really great watch ❤❤❤
The economy is comprised of.... people
Japan is living 20 years in the future, 40 years ago.
oof
You know as like a passing thought, this really was the case it did feel like in the 80s they were 20 years ahead of their time, I've been looking recently at japanese sport cars and sport bikes from around that time, the 80s and 90s and they simply were amazing pieces of engineering. As an example I'll give the gtr, the r32 was ahead of it's time with it's attesa all wheel drive system and the rb26 engine was an unbelievably great engine for the time that stock with the factory limitations out would output close to 400hp, while advertised it was 276, and today there's no inline 6 engine like it. Another example is the nsx, it literally destroyed the competition, predominantly ferrari. And motorcycles were even more insane but they've kept up with the insanity for way longer and peaked in the early 2000s. So yeah, it feels like their engineering was way ahead of everyone elses at that time.
It’s been the year 2000 in Japan since 1980
They were futuristic - in the 1980s....Now, they are truly retro and backwards compared to other Asian nations.
Retro hi-tech, the best.
When the narrator mentioned 'The Lost Generation' of where they're pressured of getting good grades, securing a high paying job, but facing limited job opportunities, it hits really hard to me. This generation is referring to people who were born in the 80s-90s during Japan's economic downfall...aka The Millennials. I myself belong to this generation and I feel their pain.
This video is a short explanation of what happened. This is the reason all people should keep up with pertinent financial and geopolitical news from “reliable” sources.
Man the 70s & 80s was good for everyone, now we’re all paying the price for the life our grandparents lived.
Economics is just Time and Delayed Consumption.
Debt is Sin.
ye, around 10 years ago, my grandfather told me, that he wouldnt wanna be young in this world and feels sorry for the young generation but never thought, that the boom he lived in, would end and turn for the worse and is glad, that he was there during the golden times. then he usally points towards "well, but you can still have it, just be in the top 10%, study, be smart, select the right fields" and i usally ask him, if he needed to do that too, then he turns silent
Not even grandparents, it’s the baby boomer parents too
If you are able to have a decent paying job and bought a house before the pandemic, it's not too bad. I can understand the younger folk's struggle, though
And paying pension for them too.
One of the things tormented the youths in lost decades was that their own parents didn't believe their sons and daughters couldn't get a good job because of the economic downturn but because they just didn't work hard enough. Japanese society as a whole gave almost no help and left the majority of lost generation to Jiko-sekinin (literally: self responsibility, meaning: it is your own fault and not ours) state despite many stats showing their struggles comapared to their parents.
What is interesting to me is that the recent "entitlement" debate has some resemblance to Japan's "jiko-sekinin" debate. I feel lost generation is looming up in the States as well.
It's a little different in the US because the bad economy affected even the post-war generation. The inflation rate rose so high, their social security (old age national pension) was reduced to very little. For those of us who are still working, the salaries haven't changed in 20 years. Everything has doubled but salaries still the same. The average American doesn't have $400 in their bank account for an emergency. $400 is only food money for one person for a month. You cannot afford to pay rent with that. Average rent is $1,800/month minimum.
@@LadyRavenhaire The problem that no one wants to mention is that globally we moved from a money based economy to an equity based economy. No one was educated on how to deal with the change, and we're still dealing with the consequences.
@@poetryflynn3712yup. All corporations are now run for their shareholders, not for doing actual business. Boeing is the latest high profile example of this, they used to be run by engineers who believed in safety but now run for corporate greed and have been asset stripped, cutting corners make their profit margins look good. Their aircraft keep featuring in headlines due to serious manufacturing issues.
This is all so the top 1% gets richer who lobby governments not to tax them, but wealth redistribution (tax the rich) is the only way the wealth monopoly will end.
@@poetryflynn3712I don’t suspect you will get a response from her 🤷🏻♂️😁
@@LadyRavenhaire Yeah, if I wasn't living with my mom (but otherwise alone forever), I couldn't afford to eat. On second thought, I'd have enough to eat if they let homeless people in stores. $1800 a lot more than I make in a month. The US doesn't give a crap about people on disability. No other country wants someone who can't work. I'm going to rot in this hell until I die.
You just unlocked a new obsession for me. Vintage 1980s videos of Japan.
v a p o r w a v e
There are some great vids on TH-cam. I often play them in the background of my house parties.
Lol, Right?! It has such a nostalgic and dreamy feeling to it. If I could ever choose to be reborn somewhere else in the world, I'd choose that country and time period just to experience it.
@@udittlambafuture funk 🪩
Trappin in japan 3 😁
You will find America in every messy and fishy things.
True. There was a failed coup in Congo last week and the US gov turns out to be involved. Americans were cought in the act.
and u arabs
No, but you will find leftists who find a way to blame America everytime something goes wrong. The economic collapse was 95% the fault of the Japanese, just like how the Middle East being a sh*thole is 95% the fault of the Arabs. You're not helpless creatures, you have agency and you created your problems.
@@TM-il8rbNah, you will find the Arabs in the booming things.
I moved to Japan in 2000. After 11 years in the country, I finally gave up and moved to Norway with my Japanese wife and three children.
I love Japan and would love to live there, but I'm so tired of being the "working poor." Nothing lasts forever, but now Norway gives me the opportunity to live the life I've always dreamed of. Excellent balance of workload and income.
I feel very sorry for the Japanese people who are going through difficulties...
17:50 my boy threw us some AI music about the financial collapse of Japan. What a time to be alive.
Haha. I thought that was a real song from the 80s or 90s.
I was wondering how I haven't heard this song since I am of that age...😂
Not a fan of the AI music, it sounds a bit silly
@@Belmont....right it’s kindof disrespectful lyrics tbh lol
I thought it was a real song but when I heard the lyrics I'm sure it's AI. AI getting better at this haha
not lost decade. lost decades.
like 40 years. Still down.
Going from 2nd in the world to 4th isn't such a huge catastrophe. People act like Japan turned into Argentina. Being equal to the US with 1/3 the population and few natural resources was not viable.
Being at their max level was not sustainable.
@@Arigator2 yeah their economy stagnated but their population is also declining. Which means their living standard is not falling at the very least.
@@dragonbane44 but it is going down and their mental health issues is highest in normal economy west is banna republic but asia isn't
@@manoj1350 lol, Japan is fine. If you want to see a real economic disaster look at China.
It is called the Lost Decade because Japan’s economic forecasts literally changed overnight after the 80s collapse. Remember during their peak, Japan was the third largest economy in the world, behind the USSR and the US.
After the bubble popped, the economy stagnated. It is the ‘Lost Decade’. not the ‘Lost Decades’. Intuitively, this makes sense, because Japan hasnt fallen much since the 90s. The economy just kind of flatlined.
There’s also the 1986 U.S.-Japan semiconductor agreement which similar to the plaza accords came about from the fear of Japanese economic growth ended up hurting its semiconductor business
Yes, I believe the agreement included something like 20% of Japanese production to be done overseas (Please look it up if you are curious). Therefore, Japan transferred its technology to Korea and Taiwan, and Japanese engineers went there as well.
Yes, the channel Asianometry has a good video on this
this came about because japan was dumping chips below cost and putting up barriers to american chip mfg's importing into japan.
@@gregh7457 Yeah but you can't say that on TH-cam, they gotta blame America for everything.
There's something about that VHS aesthetic at the start. 😅 Let's face it, the sound of a tape cassette getting slotted is straight out of ASMR, and I'm all for it! 😂
My thoughts are the same. Such a vibe.
Well done! As a westerner living in Japan since the early 80's, I witnessed first-hand the bubble and its collapse, and continue to live with the after effects. My children, nephews and nieces have had to endure the economic stagnation and stagnated corporate strategies and tactics. Many corporations are still requiring their staff to follow bubble-era practices that simply do not work in today's fast-paced world. The younger generation realizes that things need to change, but there is no leadership in either industry or government willing to take the risk to change things. I dread to think of how difficult it will be for my grandchildren to find meaningful work unless thinking here changes.
I would sadly argue Japanese automaker responsiveness to electrification is a material example of what you describe.
@@enwi3nd I thought Japan was one of the slower countries to try to force EVs. Which is very likely a wise move.
Yes, half of Americans are in a truly bizarre state of denial of what's fast arriving upon the USA.
There is yet no solution to the situation. The rich are filling their pockets endlessly while AI is eating Jobs day by day and the middle class is getting destroyed day by day.
Capitalism is at its ending stage
Here is a Japanese woman who turns 40 today. I agree wholeheartedly.
When money gets cheap , people get crazy with debt, this statement is deep.....
I'm watching this and seeing the same thing playing out in Canada.
I've seen this myself. I own a motorbike dealership and sells what considered "premium bike" in my country. in 2021 - 2022, our government gives a lot of covid help funding and cheap money lending to people. In those 2 years, my bike sold almost triple what I usually sell annually. This year, a lot of them can not pay their debt anymore or afford to maintain the bike and a lot of them are selling it. It's crazy how people can just loan and spend money without much thinking when the loan is cheap or easy to access.
@@lAITDlusshunk it's human nature that is why we should teach responsible use of money....
Fucking love the Haiku
Finance and business leaders are well compensated to prevent bs like this yet we are sailing from disaster to disaster. I for one dont see higher compensation being justified
I did my first big school assignment on this very topic.
I remember being so fascinated by it that it was hard to stop.
I’m from Europe, so didn’t know anything about it beforehand.
So much to learn from this - really made me realise how much macroeconomics affect societies and individuals in general.
Your last sentence. Exactly. We can't ignore these things.
The production quality of this video is just through the roof, amazing. Good job, Dagogo and Team ColdFusion!
Well yeah, its basically just the 2000 BBC documentary 'Bubble Trouble in Japan', just in a different order. Not quite plagiarism, but not very impressive either...
And with a cute AI song ❤
I arrived in Japan as a teenager in the early 80s. This video brought back many good memories of my youth. After the bubble collapsed, so many of my Japanese friends and I just assumed that the economy would bounce back after a while and all we had to do was just 我慢 (gaman: endure, don't give up, persevere) for just a little bit longer. But that time of "gaman" turned into decades of our entire adult lives. We still do our best and endure despite tough economics and so many natural disasters, which makes it ever more important to appreciate any small pleasures we can find whether that be meeting up with old mates at a local izakaya, taking the time to appreciate the cherry blossoms while walking my dog along the local river, or just being grateful that some of our baby boomer parents in their 80s and 90s are still healthy and living independently. I will always keep the memories and friendships I made during my formative years at the end of the Showa Period close to my heart. I only regret that my nieces and nephews will likely never know the same sense of communal pride, excitement, and positive outlook for the future we once had. Despite the hardships of the past 40+ years, immigrating to Japan was the best decision I could have ever made.
It's hard not to think Japan would bounce back when you see the glitz and glam of Tokyo and Osaka.
Nice Reminiscing on the past 🙏.
Japan ❤
when you got there, things were AWESOME. You put in the hard work then good things were going to come what you put in. You saw it personally especially when it came to companies like Toyota in cars, TV's, electronics, etc. They were exporting like CRAZY and in return workers got better increases and benefits. That's how it was for over a century with the Meji era from being a feudal system to a powerful military and industry with in 30 years. The same happened after WWII, the work you put in is what you get back. Japan really did think things would last forever until it didn't. As you said the corporations still doing the bubble-era practices with especially the hard work. You know in China it's called 996. 9am to 9pm 6 days a week. You see the Hikimori just give up and stay and their rooms while their Boomer parents enable that behavior. Why bust your ass to be overworked, underpaid, and no time for rest. No wonder people in Japan don't want kids on top of the rise of cost of living.
@@redmustangredmustang Must have been amazing. My experience in Japan was people terribly overworked, young people being preyed upon by overly bossy elderly people, and talented young people made to move to desolate country towns to take care of their parents.
I am leaving this comment here so that after some hours, days, weeks, months or years when someone likes or comment on it, I will be reminded to watch this video again
Your watch later playlist is sobbing rn
Lil bro just watch the vid
Remind me to like your comment next year.
Fun fact, the watch later limit is 5000. It’s pretty easy to reach the limit when you can only remove items one by one.
@@brianj7204it's not playing 😢
Its funny how in the western media no one ever talks about the true reason for Japan's downfall.....the US Japan trade wars of the 80s and 70s that culminated in the plaza accords.
and now US and the west wants to repeat this with China, but it won't end up like what the west expects this time.
Right? That’s what I was thinking. When he said that I was like “oh. So the US ruined everything again like it normally does”
@@shortking-vp9vv Lol, no.
America uses economy as a weapon .. like pirates in the Caribbean sea.
Thank you! Absolutely correct, they started the trade war and destroyed Japans economy.
Like always, it is a fantastic documentary with brilliant and thoughtful insights. And pleasant visuals and great montage.
It just wants you to crave more and rewatch it
"Remember Japan's 80s bubble?" I was there, chief. Dancing with Miracle Johnson and making a chicken my real estate manager. Jokes aside, I see a lot of similarities with what's been happening in the West. Real estate boom driven by artificially low interest rates, which has led to unsustainable debt financing. Excessive money printing. A lost generation who's never had any real economic stability, leading to high self-deletion rates, and young people forgoing starting families. An inflexible managerial class desperately trying to cling on to the status quo. Of course, there are many key differences as well. Still, it shows our complete inability to learn from our own mistakes, let alone the mistakes of others.
exellent comment. I am Dutch we have the same situation
and the same in Ireland
Adding to that the cost of buying a house for young people is now out of reach.
The parallels are scary. Deep down, the people in power know it. That's probably why they let so many people in (not to get political). Trying to find a hack instead of fixing the root problems.
That subtle Yakuza Zero reference haha
It's a sad and nostalgic video though extremely well crafted. These video episodes of Japan's 80s and 90s reminded me of my youth. I'm 53 and I still have vivid memories of those vibrant days. Greetings of peace from Kazakhstan
Maan 80s and 90s were really the best decades
@@hamzamahmood9565 in one way or another surely they were
@@hamzamahmood9565Japan's golden age, until you realise they are having trade war and racial tensions were at an all-time high with the US.
I guess thats how the media brainwashed a whole generation that grew up with 2D shit. 🤡🤡🤡
Its a horrendous video, completely white washes the american role in japans economical destruction, just look up the “plaza accord” and semiconductor dumping and sanctions on toshiba and other tech firms accused of selling to the soviets or china😅😅😅
im from kazakhstan as well and with all of the personal debt that young people are burdened with these days i feel like we are in a pre 1990s japan
This topic and video are very well put together. I must also commend the song Opia at the end. I found it on your bandcamp profile and have been listening to it nonstop. I hope a longer version comes out in the future. Thank you.
This is what's happening in Australia. Australia's housing market is higher than Japan's 1989 residential land to GDP. We're in a precarious position where housing is unaffordable and inflated to a ridiculous amount. I'm not looking forward to what's to come.
Yep
Won't be as bad since it is a much smaller country with a way smaller economy.
@@AndrewManook to the world economy it won’t be as bad. In terms of the local economy it’ll be hellfire, it already is. A place with such huge habitable land mass and low population should have nowhere near this level of housing unaffordability
Difference is immigration. Australia keeps bringing in ppl. Japan stopped producing kids so housing surplus is inevitable. Australia keeps bridging in ppl.
Last time I looked at a map Australia was gigantic, what is stopping more houses being built? I live in the he UK
Nothing fits better together than ColdFusion and financial documentary topics
Totally agree!
Yeah, I love this channel. One of my favourites for sure!
I was captivated by this video from the moment it started playing, the music, that instant nostalgia from that vintage cinematography … very well executed video
Well done. Simply well done. You managed to explain all that in under 30 minutes in a way that was easy to follow. Subscribed!
First class piece as always, man. That clip of the guy saying, "Please give our staff your support, I beg you" is heart-breaking.
I'm only half through the video but I had to pause because I really need to say this: your videos are so beautifully made! The selection of clips and videos, the musical transitions, the script, it has such a unique fingerprint, it's not only a documentary piece but a piece of art. I'm a fan of yours for 4 years and counting!
AUSSIE MADE! woo!
Was just thinking this!
Well yeah, its basically just the 2000 BBC documentary 'Bubble Trouble in Japan', just in a different order. Not quite plagiarism, but not very impressive either...
What I like about watching videos like this is I learn a lot in a short span of time. Kudos to the channel's owner.
Great overview, i'm really amazed by the wide variety of topics being covered on this channel in such an excellent manner
Well yeah, its basically just the 2000 BBC documentary 'Bubble Trouble in Japan', just in a different order. Not quite plagiarism, but not very impressive either...
I can't believe the quality of your content. It's truly the new format for this generation for sharing high value background information on topics that need more attention.
Not sure how this video is in any way some kind of 'new format' but ok
Well yeah, its basically just the 2000 BBC documentary 'Bubble Trouble in Japan', just in a different order. Not quite plagiarism, but not very impressive either...
In my opinion, another blow to the Japanese economy was the release of the smartphones and specifically the Iphone. Japan was leader in technology for cellular phones, calculators, translators devices and music portable devices, and it was supported by the high internal consumption. Iphone made all the other devices useless, while becoming a staple between Japanese consumers, who purchased this device over the ones made by local brands. I’m living in Tokyo for almost 20 years, I experienced first person the big changes in the electronic market. I miss the old Japan.
I don’t live in Japan but from an outside perspective I have to agree. When I was a kid the televisions, calculators, photo cameras were all imported from Japan and now I don’t see that anymore or as strong as before.
I remember powerful brands like Mitsubishi, Toshiba, TDK, Sony, Canon, Nikon, Fujifilm were really pervasive and widespread and through the decades had more and more competition from USA and China
It was long over before the iphone…
The moment I realized iphone was booming in japan around 8 years ago, I had strong feeling japan was going downhill. They had strong phone tech and instead of building their own, they imported smartphones, and the most expensive at that. Shooting themselves in the head I'd say.
japanese tech companies don't really innovate, but that's pretty reflective of their society as a whole
Really? Americans didn't know tech in Japan went downhill was due to the competition agreement they were forced to sign by US?
Awesome video. Very thoughtfully made ❤
My fave intro to any of your vids! Great insightful vid as always!
All that retro footage in the background and the music gives this video a classic old school ColdFusion feel
Awesome video as usual man
If that’s the case then you mean ColdFustion feel. Iykyk.
@@VictorW8 I very almost wrote ColdFusTion 😀
If I ever get access to a Time Machine, I'm going back and spending my life in the 80's
That's literally my thought as well. For about a year now I've been obsessed with 80s Japan.
What a time to be alive. Coke, Sushi 🍣 and parties 🎉 galore
@@mfanakithi2002 a house was $45,000, a new car was under $10,000 and you couldn’t fit $100 worth of groceries in 2 carts
26.4.1986 💀
It's hard to understand what you mean by your comment, but as a Japanese person who lived through the 1980s as an ordinary office worker, I don't want to go back to that time when some people around me were in a frenzy. I lived my life without getting involved in the "bubble." I got married, bought a house, raised two children, and saved enough money for retirement.
It's true that those who participated in the frenzy were greatly affected, but those of us living "normal lives" viewed them with a certain detachment.
Thank you for the history lesson we never hear a deep dive about!
This was such a well made video! Loved the 80s synth music
Masterful script, editing and music, well done mate!
New Cold Fusion = Good Monday morning for me.
That intro synthwave track was bangin’!
I’ve enjoyed and learned so much from your work, Thanks!
I want to comment two things: One, your work-rate is insane, and the amount of content you pump out with top quality is amazing. Two, constantly raising your video quality is super impressive. Kudos!
As a matter of fact, that is a little suspicious, I wonder how much aspects of this video are AI generated
This dizzying publishing rate is impossible for one person only, so there must be a team of researchers, writers and editors. I always find it sus when big channel has only one person associated with it that doesnt talk about the team work. We might find out this channels functions like Illuminaughty for all what we know.
edit: typos
AI is footing most of the work.
Well yeah, its basically just the 2000 BBC documentary 'Bubble Trouble in Japan', just in a different order. Not quite plagiarism, but not very impressive either...
I went to economics school and my teacher is supposedly one of the most important "experts" in Japanese economy in Brazil. This video was much better than his whole semester
or maybe you're a visual learner just like me. dont blame everything to our teachers...
maybe you weren't a good student?
you could be the smartest individual on earth but not be cut out for teaching, knowledge does not equal capability to teach. einstein was an idiot for bringing this up
@@aliali-ce3yfmaybe you have no clue how humans learn
You as well, huh?
I've missed your videos covering recent historical events!
Thank you very much for a well put together video!
In *Blade Runner*, there's a memorable line delivered by Dr. Eldon Tyrell that goes: "The light that burns twice as bright burns half as long - and you have burned so very, very brightly, Roy." This line is said to Roy Batty, highlighting the fleeting but intense existence of the replicants.
this is a very appropriate comment, and very true. Also, I have highlighted it because clearly Ridley Scott got inspired on Japan to create the landscapes of Blade Runner. Also, it was Blade Runner what got me infatuated with Japan when I was a kid, so there's that.
Any Blade Runner related comment always gets a big 👍 from me.
Nerd. Just kidding, that’s my favorite movie (writing this as a BR poster is on the wall in front of me). That’s a powerful line, comes to mind a lot.
Very applicable to Japan in the 80/90’s and I believe also modern day China.
What a poetic line. I’m stealing this.
The way you changed the mood in the video was noticeable and impressive. That is, you were playing 80's style music, and suddenly everything became subdued by switching to your more "ethereal" soundtracks. Nice work.
Years ago, I remember reading about the Japanese school system. There was so much pressure on kids to excel that some became suicidal. A poor girl wrote "I have passed the exam to heaven" before jumping to her death.
GREAT video - wonderful job and very timely - thanks!
The quality of videos are always spectacular on this channel, but you've really outdone yourself with the production on this. Fascinating, informative, and brilliantly made.
Thank you so much Dagogo and the cold fusion team for making such a wonderful video. The pace and amount of information is spot on. I’ve always enjoyed your coverage and will recommend others to watch as well. Please continue to stay true to your believes and make great videos like this. 🙏🏻👍🏻👍🏻👍🏻
This makes so much more sense. I can’t believe I am just learning about this story.
Great work Dagogo. Thanks for another great doco! :)
Really enjoy the way you balance the ins & outs / pros & cons in your videos, mostly unbiased. Great choice of topics, as always 👍
When I was a child, I saw the neon lit japanese city footage playing on TV. I immediately fell in love with it, even though I was just 5. It feels like a dream, which it is... it's a fleeting dream, but it was beautiful.
17:49 what a great insertion you put there.
This is just excellently well done! 😊
Just realized something about Cold Fusion, he does not promote, he has no short adverts. Thats impressive to say the least and the way to go for all creators.
Also Cold Fusion does not import other creators vids, which so many on here do. All this leads to a straight forward production and that looks, feels and sounds more professional than any News Outlet out there to day, as even they (News Agencies) use other agencies footage and do not create their own. Amazing work as per normal and very informative video.
We all had heard about the Japanese Bubble and Decline but I for one did not know how or why it was happening. Guess that if a youngster to day can not see a better future, such as a job and having their own home, why should they start a family at all and give the Japanese government more of their tax. Single = less tax to give away.
I wouldn't say he does not import other creators vids. Most of the footage and script from this video is straight from the 2000 BBC documentary 'Bubble Trouble in Japan' lol Just told in a different order
@@Iris-ei1cm I googled BCC but came up with nothing. What is BCC?
@@raystewart3648 Oh sorry I meant BBC
Why is it that every time there is a financial crisis, one of the biggest common denominators is always unsustainable levels of debt? Like seriously, it happens _every freaking time_ . How can it be so very hard for people to just not borrow more than they can afford? 😑
You shouldn't be blaming the people who are borrowing but the banks/government that sets the rates
Because most of our wealth in capitalist society depends on people taking RISK, taking on debt is a part of that risk equation.
When you're younger it's harder to not spend. You want what other people have, not realising they're in a lot of debt to get it themselves.
As I got older (over 40) it's become easier not to spend for some reason.
There a lots of types of debt. I suggest you do a bit of reading on it. Mortgage and owning homes and investing all involve borrowing money with the hope of making that money later.
Everyone who isn't earning hundreds of thousands a year needs to borrow, it isn't the people's fault it's the bank who enable it 😅
It isn't as simple as " only borrow what you can afford " 😂
Did you watch the video? The US (Israelis) caused them to sabotage their own economy
Great video. Keep up the excellent work!
Every 2 minutes in the video "They didn't forsee "
And despite the final warning in the video, there's no way this will never happen again. Human greed is too strong. And when you think about it, people in the government are there for 5 years max. They won't be around for the knock-on effect 10 years down the road.
Great video!
I am commenting as a Japanese person who lived during these times. It is completely understandable that this video was created based on several facts. However, there is a significant difference between the macro economy, prominent stereotyped social phenomena, and reality.
At least for me and the people around me, "no one" was directly affected by the "bubble." It is true that the "bursting of the bubble" brought about problems for the macro economy and certain societies, but my friends and I have received regular salary increases, started families, and now that our children are adults, we have retired with adequate assets.
The lesson I learned during the "bubble era" was "don't get caught up in unnecessary trends." It's about thinking about what "true happiness" is and acting on it, not about creating huge amounts of wealth beyond my financial needs.
It seems like the biggest problem was for the value of people's assets, like real estate and stocks. People with asset wealth lost a lot of wealth. But regular people just working and saving cash, didn't really lose anything. Life in Japan seems pretty good to me as a foreigner.
@@rollin92 That's right.
The value of real estate assets and those who had made large-scale investments with leverage suffered great damage, but overall, the number of people involved was limited. As you say, it didn't have a big impact on people who worked normal jobs, earned, and saved money, didn't really lose anything.
Even during the era known as the "lost 20 or 30 years," Japan was able to continue to grow, albeit slightly, without falling into default.
Good point. The amazing thing that this video didn't mention was that the US opened up China as the manufacturing center of the world to replace Japan, and China has 10 times the population of Japan, yet Japan is still standing as the third largest economy of the world, holding its own against competitor 10 times larger.
@@trungson6604 Thanks for your comment. As you know, Japan has almost no natural resources, and more than 70% of the country is mountainous. Given these conditions, we, as Japanese people, are surprised and proud that the economy has reached its current size.
Of course, like any other country, we face future challenges, but we want to continue to protect "Japan's unique culture and safety".
Makes sense. A lot of places in Japan even had lower property prices, making it easier I imagine for common folk
I love ColdFusion! Simply excellently made. Thanks mate
An excellent documentary! Very well done ColdFusion!
Nice work, thanks for making such nice informative content
The exact same situation of hopelessness is happening in this very moment! Millions of students who were supposed and on path to becoming software engineers have suddenly lost it all as companies have withdrawn hiring. I too have a fair share of this until I recently got employed as software engineer but I am really scared as I know the ground reality that future is super uncertain and I could be on the streets the very next moment. Millions of students have been lied and their dreams have been shattered. We were told since our childhood to get high grades and we did absolutely that and now that we graduated this year/last year, no company is willing to hire.
Where are you?
@@SchoolforHackers India
I thought MS and Google were sending their Jobs to india? What happened?
I love your videos man, it's like watching the most amazing thesis on financial topics.
the first one minute of the video. i do not think there is anything else on the entire internet that describes the 80s japan so perfectly. Its so good that will make you want to live that life.
Gotta say that montage at 17:51 is so good and just simply what most TH-camrs lack, sometimes the audience needs to just see on their own without unending voice-overs.
Bravo
👏👏👏 I know it doesn't lift the mountain but you earned 1+ subscription
The song is awful.
As being a Japanese who have lived through the eras in this video, I feel very bitter sweet about many things after watching this video.
I left the country and have been living in Europe, I often wondered why the country still can be listed in the global top groups of anything…
Japan is a very unique country and there are (still) many potentials to grow again though the aging country won’t be able to reverse its course.
Very well made documentary, a top notch, indeed.👍🏼❤
That's the worst part is that the country is going through the motions and still has been stuck over the last 35 years. Hell, hte Nikkei JUST got back to 1989 high levels, but the country is in a recession. The worst part is that for the younger generation why even try. Being overworked, underpaid, and not being appreciated. Even worse is the cost of living so no wonder there so much hikikomori. Why even try. Everyone has known about the birth rate for years. Sadly Japan doesn't have the luxury of say the US having an immigrant population replace the declining birth rates. Japan is going to be really on it's own in 30 years unless they can figure a way to have robots take care of the elderly. The same thing is happening in China and South Korea. There is no immigrant population to replace the declining birth rates.
Very interesting video, thanks for preparing and sharing with us.
Japan's birth rate is not significantly different from that of OECD countries. There are some countries that are lower than Japan.
Yet, it is strange that when it comes to analysis of Japan, it is common to treat it as if it were the only country in the world with a declining birthrate.
Yes but Japan starte this trend in the 80s, OECD in 2000s
That’s a great intro, well done for finding some retro equipment to do that😊
The quality of your content is amazing. Thanks
This has been among your finest work. Bravo!
Gotta love the city pop intro. Just been rediscovering this genre.
Meiji Restoration - WW2 - Nuclear Attack - Japanese economic miracle - Manufacturing powerhouse - Bubble Burst - The lost decades
Me waiting for their comeback 🗿🗿
Did you miss the part about the U.S. implementing the Plaza Accord in order to knee cap Japan and to have put them in the exact position they are in now...economic collapse and in need of a foreign savior to protect them in exchange for becoming cannon fodder. Japan is occupied by over 75 military bases housing over 50,000 foreign troops who tell the Japanese when to jump and how high. Those young Japanese men will need to put down the maid anime and pick up guns in order to take the brunt of N.K. and Chinese missile barrages aimed at the foreign military bases that Japanese have allowed to bloom along the island chain. You should take some time and look up as many audio clips as you can find of U.S. officials discussing their plans for Japan. They are viewed as simple foreigners easily controlled through finance and greed and willing to sell off their people's land and heritage in exchange for happy words of praise from their captors. From Ghost Of Tsushima to simping for Rahm Emmanuel. Eternal pawns.
Makes sense though. Japan speedran modernization so they relied on foreign knowledge. So they are the first to hit the new wall: declining birthrates and the consequence of mass urbanization. That’s why there are 4 types of economies. Developed, undeveloped, Japan, and Argentina. They need to struggle through this and others will learn from them. Perfectly balanced, as all things should be.
@@nicholasgutierrez9940what is argentina?
Japan needs to have a comeback. Even Germany surpassed Japan un gdp
@@gutsjoestar7450 Some how they have to give hope to youth and increase birth rate
When the 80s Japanese cyber music came on, I knew this documentary will be lit.
The official music genre is synthwave.
Amazing video! Very informative
I am glad you used the famous Ethiopian runner Abebe Bikila 's footage when You mention About Tokyo's Olympic 😊
ColdFusion is a gem on this platform. Incredible documentary had my rapt attention the whole 27 minutes. Keep up the great work bro 👍
In my understanding, the vibe was very similar to the peak of old edo.
The keizai boom and it's artifacts are sooooooo fascinating. Haikyou is abondoned buildings are soooo cooooool.
What's even more fascinating is how that keizai-boom, 'floating world' psychology figures into the japanese psychology today.
Even without exploring abandoned buildings you can see how much unused infrastructure there. A lot of what is now the 'inaka' country said was actually popping off back in the boom days. They move about their lives constantly seeing the constant ghosts of previous prosperity. and so on and so forth.
I know its outside the main focus of this video, but I appreciate how the explanation of just how important and large Japan's economy was through the 80s and 90s really gives insight into its central position of cyberpunk culture.
amazing documentary , learned alot and now obsessed with Japan of the 80's
As always, fantastic video documentary from Cold Fusion.
Another great video in the books mate! Loved the lil song montage at the end of the 2nd act.
That's why all that City Pop music you see online and making a comeback REPRESENTS the good times of the 1980's. A bustling night life with nightclubs with people dancing, drinking, buildings with the lights on that you see in City Pop. Animes like Maison Ikkoku (same author who did Ranma 1/2 and Inuyasha) showing that nightlife. It represented good times with all that electronic music of the 80's. Then the music stopped in 1990 and sadly Japan's has been in that economic stagnation for the last 35 years. In 1990, the GDP of Japan was 3.18 trillion. In 2023, it was 5.3 trillion. Compared that to the US which was in 1990 was 5.96 trillion and in 2023 IT'S NOW 27.36 TRILLION. Even worse is the birth rate that everyone has known for the last 40 years. The US can absorb that hit because of immigration policy and so many different ethnicities. So it won't hurt the US in the long run. In Japan, they got very strict immigration policies so they are in deep s when it comes to their aging population and that also includes South Korea and now China.
Coldfusion content never disappoints
Now the globe will get to experience this together as a family 😅
Nani?!
Seriously, describing “the beginning of the end” as interest rates being super low and property values skyrocketing, foreign investments growing … could describe the US over the last 4 years.
The west + the empire vassals does not equal to the world. Many economies are still growing and doing fine.
@@turtlesoup8134 not in asia. At least in China, Vietnam, Korea and Thailand. We are suffering like hell here. All of my friends are complaining.
So that's why citypop from japan in 80s feels so good to listen, people were having the party of their lives
I’m an American who just visited Tokyo for the first time last week - it’s such an amazing city with fantastic infrastructure and the Japanese people are so polite! Kind of hard to believe considering how much they’ve struggled the past several decades… I truly wish the best for the country of Japan in the coming years 🙏🏼
Polite but not nice.
@@MJ-reverednicer than u
That was 1. layer , because you were a tourist , if you lived there for a few months , you would also notice things that aren't so good
@@matejmotuz108 Mate that’s same everywhere there r no magical places
@@Banned-un6ef you'd be surprised how many people talk about japan , like it's 200 years ahead of the rest of the world , in reality , it's more like a dystopian future
Great video. Comprehensively covers the issues that lead to Japan's epic rise then fall.
Unbelievably good documentary!!! Love your videos for years and years now 💜💜💜
The opening literally gives me 90s chill.
But it was the 80s
@@dariuspalmer2829The 90s were the afterglow of the 80s and weren’t really the 90s until the early 00s up until 9/11.
@@Window4503 Nah, they happened when they did 🥸
@@dariuspalmer2829 Title: "Japans lost decade"
Description: "Japan in the 1990's suffered one of the greatest financial blowouts in history"
We need a follow up for the future outlook too for Japan, I live in Tokyo and I can see this unfolding so please give me some hope 😭
Awesome video! Many thanks !
Thanx for another great "economy explained" video. I've learned and understood things from it for example how and why Ford and Mazda are connected. As always, Thanx 👍