What went so wrong with Japanese electronics and game consoles?

20 years ago, companies like Sony, Panasonic, Toshiba, Hitachi, Sharp, Sanyo, Casio, Hitachi, Olympus, Seiko, Sharp, NEC etc dominated the electronics industry but today they are a mere shell of what they used to be like

>refrigerators, washmachines, vacuums, batteries, and air conditioners
>Laundry machines, including washer-dryers
>lithium-ion and flash memory your phone uses were created by Japanese
>Hitachi Building Systems is the second largest manufacturer of elevators in Japan
>DSLR cameras
>LCD
>LED blue light
>fiber optic communications
>the first bullet train (Shinkansen)
>CD was created by Sony based on PCM sound source
>Video Home System (VHS), which preceded the DVD, was invented by Victor Company of Japan
>DVD
>Blu-Ray discs
>Japanese cellphone
>Nintendo
>SEGA MEGA DRIVE, SEGA SATURN, SEGA DREAMCAST
>PlayStation, PlayStation 2, PlayStation 3
>Capcom. SquareSoft. FromSoft, Konami, Bandai, Kojima, Shinji Mikami, Yuji Naka, Miyamoto, etc

Why is the Dreamcast so beloved even after 25 years? Was it really ahead of its time?

Was the Dreamcast really ahead of its time?

Dreamcast was truly ahead of its time

>Sega of Japan's Katana for Dreamcast
>Hitachi SH4 chips
>PVR on Dreamcast was much better than PSX GPU
>Rarely-used volumetric per-pixel shadows and volumetric fog features
>Order Independent Transparency and is the only system to date that came with OIT at the hardware level
>16MB of RAM (8x the PS1/Saturn)