An extravagant cocktail party in a glitzy mansion lit up in pink; a booming stock market and soaring real estate prices; the opening of new mega boutiques in Ginza; a heated political debate over privatization - all sound familiar? Well these were but a few of the features of the bubble era of late 80s-early 90s Japan. Yet curiously, history now seems to have gone full-circle and these visible manifestations the former bubble era are back ... but there are some big differences this time round!

The original bubble

It is often heard that the Japanese economy has finally left its so-called "lost decade" behind. Since January 2002, Japan has enjoyed one of the longest periods of continuous growth since WWII. This obviously evokes some memories of 1980's "Bubble Economy. Once again the wealthy of Tokyo are rushing to purchase luxuries such as land in Karuizawa, the prestigious summer retreat located around 1.5 hours train ride away from the capital.

	… gold-leaf sake anybody?

Although many look back at the original bubble era as being a period of hedonism and vulgarity devoid of meaning, many Japanese, most of whom are in their late 30s or above, now look back with a sense of nostalgia. The latest blockbuster film "Bubble e Go! Time Machine wa Drum Shiki", whose title roughly translates as "Back to the Bubble!" reflects such sentiments.

The film showcases the raw expressions of greed and kitsch behaviors of the period such as drinking green tea with gold leaf flakes or simply sprinkling a few gold leaves into a box of sake!

Juliana Tokyo ... in its hey-day

The bubble era was also epitomized by the flamboyant nightclub "Juliana Tokyo". It was at Juliana that young Japanese women traded their renowned modesty for a few minutes on a dance platform, clad in skin-tight dresses, in a kind of post-structuralist cross between karaoke and a lingerie party.

Typically their audience comprised of inebriated salarymen gaily tossing around endless supplies of cash in the flashing haze of disco lights...

Most likely in those days, the same salarymen would have got up early on Saturday morning to take a two hour train ride out to their beloved golf clubs. During the Bubble Economy there was a uniquely Japanese episode of speculation in golf club memberships. At the peak, the total market value of golf club memberships was about $200 billion...

Well the current boom is quite a different affair, as those who managed to survive the lost decade are now emerging as a more refined breed with a more selective set of tastes.

But this time its different

In today's boom, ostentatious spending has been replaced by a more discreet attitude towards consumption with more down-to-earth attitudes towards life in general. For a start, the lavish entertainment budgets major companies provided in the good old days have all but been abolished. So unlike their predecessors at Juliana, who enjoyed the full benefits of a corporate blank cheque, contemporary partygoers must venture out at their own expense.

	… Bubbles for everyone?

The shift in attitudes is also seen in the booming property market. In 1990 the economist Barkley Rosser noted that the aggregate value of all land in Japan was fifty percent greater than the value of all the land in the rest of the world! Unsurprisingly, many of those who bought in Karuizawa during the 80's bubble were corporate developers whose only interest was speculating on rising property prices. In contrast, the recent purchasers of cottages and country houses in the area tend to be seeking a genuine rural lifestyle. A retreat from the congested metropolis shared by 23 million people in greater Tokyo.

And it's in the population count that lies the biggest difference between the current boom and the 80's bubble economy. In the 80's many ordinary families suddenly felt that they had become rich and the wealth of the period touched most groups in society.

This is quite a different story from today's Japan that is increasingly polarized in terms of levels of disposable income.

Exposure to market forces has resulted in a new strata of super-rich who enjoy access to private clubs, private banking and own multiple properties. But in contrast most of population is feeling the pinch of globalization and "100 yen shops" are booming in the nation's high streets.

So while the lucky few may enjoy the fruits of the recent period of growth in Japan's economy, for most movie-goers "Bubble e Go! Time Machine wa Drum Shiki" is but a nostalgic reminder of a time when they too felt themselves to be wealthy. This is tinged with a little sadness in the knowledge that this former wealth slipped through their fingers and that the days of "gold leaf sushi" are unlikely to return any time soon.