I am not one for historical comparisons because they are largely specious and mostly irrelvant but this one gives a nice bit of history that I lived through so consider it a nostalgia piece.
……The Nikkei stock index rose more than 900% in the 15 years before it finally topped. It was a frenzy powered by a belief that Japan Inc. was on its way to taking over nearly every major industry worldwide. The stock market bubble was further fueled by a massive real estate bubble at least twice the size of the one the US experienced in the 2000s. Tokyo alone became more valuable than all the land in the US. In short, it was the product of a tsunami of monumental and concurrent events that are unlike anything present in the US today…..
It is hard to comprehend the apprehension that was rolling around markets and the business world with what was called the coming Japanese century. There was a belief that just 45 years after the end of the Second World War that Japan would rule the investment world. Even popular fiction writers such as Michael Crichton got in on the act with his novel Rising Sun. Japan was the flavour of the month, we were both fascinated and frightened.