During the Izanagi boom, for example, the economy achieved annual growth of more than 10 percent on average amid a steadily increasing population and under the slogan "catch up with and overtake" the U.S. and European economies. Growth expectations at that time differed substantially from those today.
The Heisei boom more or less coincided with the so-called bubble period, when the expectations of a wide range of economic entities turned excessively bullish and, as a result, investment and consumption activity became overheated. These phases have similarities as well. One notable similarity is that all four phases witnessed a tighter labor market than the periods before and after them.