Japanese bubble As Spain did, Japan also had its particular economic miracle. Starting at the ending of WW II, until the last decade of the 90s, Japan's economic growth made of it one of the most powerful countries. It was even capable of competing with the global dominance of the USA. Its singular labor market, along with its elevated levels of investment and its good exports were the subject of studies and analysis. However, all these solid indicators collapsed in a few years. The 90s brought with it one of the major economic crisis in Japan's history. The Japanese miracle disappeared suddenly as Spain's one did.