>>212232482Well, the entire world economy kinda crashed in 1973, due to a world wide oil crisis. What Japan did right was realize that the massive increase in production costs meant it was no longer feasible to build the economy around mass-producing cheap plastic shit, and so took all the money and expertise gained during the previous two decades and pivoted the economy to be based more around high-end electronics and goods.
This of course helped, but what really kick things into gear in the 1980s was the growth of a giant real estate bubble, similar to what happened in the US prior to 2008. With everyone getting more money, domestic demand for goods explode. This causes domestic businesses to make more money, which leads to higher salaries, which is used for more domestic goods, creating a positive feedback loop.
This leads to the yen getting really strong against foreign currencies, causing Japanese economic institutions to go on a shopping spree and buy up a shitload of foreign companies (usually American). All of this eventually culminates in Japan becoming the second largest economy in the world during the late 80s.