But that strategy led to overcapacity in the 1990s when the bubble burst, plunging Japan into recession.
It's not alone in its struggles figures earlier Thursday showed Japan in recession while the U.S. economy was flat in the final quarter of 2012, according to Eurostat.
The IMF is also saying that there is a 15 percent chance of a double dip in the U.S. in 2013, a 25 percent chance of a recession in Japan and a guaranteed recession in southern Europe, with an 80 percent chance at least throughout the entire euro zone, the dominant economy on Earth.
There is a risk, therefore, that an American slowdown might push Japan back into recession.
On top of that, analysts are looking for global growth to pull Japan out of recession with robust exports.
Partly this is out of fear it would push Japan back into recession.
But this mood of concern has dissipated since policy mistakes and the Asian financial crisis hobbled Japan in a recession.
Still, worries that the damage from these two incidents would drag Japan deeper into recession turned out to be overdone.
As Japan's recession deepened last year, the country's citizens seemed increasingly gloomy.
The foundation stone of the recovery was laid in the depths of Japan's recession in the late 1990s, when heavily indebted banks and firms sold property, largely to foreigners.
As markets tumble and commentators tear their hair, it is difficult to accept that Japan's recession may have useful side-effects of this kind but that makes it no less true.
The success of America and Europe in trimming budget deficits and curbing inflation also means that policymakers have room to cut interest rates or taxes to keep their economies healthy, should Japan's recession prove severe.
Will it lead to a recession in Japan that is two and a half times worse than the U.S. recession?
Japan-Hawaii-Guam is in recession, as is Japan to the mainland U.S. The revenue base is equivalent to AMR and it, too, earns over a billion.
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"Economic data deteriorated sharply from September, and this means Japan is already in recession, " he added.
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Japan officially entered a recession last year after its economy shrank in the second and third quarters.
To cap it all, there has been the impact of continuing recession in Japan on traffic and revenues.
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Matters will only get worse, and Japan's current recession still mild by Western standards could turn into something really frightening.
After a decade of on-again, off-again recession, Japan appears to be falling into a semipermanent state of economic decay.
And a Japan tumbling back into recession would import even less from America.
Global growth will slow but remain positive in 1999, he predicts, and despite its recession, Japan is on the mend.
And products are flying off shelves even though consumers are notoriously tightfisted in the midst of Japan's worst recession in decades.
Are those tourist hordes saying that Japan's long recession is over?
The cults, it seems, like other businesses, are feeling the effects of the longest recession in Japan's modern history and have responded with strong-arm sales tactics.
It has not escaped attention that Mr Miyazawa was in charge when Japan pulled out of recession in the 1980s and started to soar skywards in bubble fashion.
There has been an almost constant stream of bad news from Japanese companies over the past few weeks, so it does not come as a great surprise that the recession in Japan is deepening.
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