Leading media soon had Cool Japan columns and programs. Tourists were invited to the country for Cool Japan tours and seminars, with obligatory stops at the kawaii (cute) capital, Harajuku, and the anime-drenched district of Akihabara.
But the hoped-for revenue streams didn’t pan out.
North American manga sales peaked in 2007 and then declined, resulting in a wave of layoffs at international manga distributors. (Read more Monitor reporting on the rise of manga here)
According to the Japanese Ministry of Economy, Trade, and Industry’s 2012 “Cool Japan Strategy” white paper, Japan exports only 5 percent of its Cool Japan contents – not quite one-third of US creative industries’ 17.8 percent.
The industry created a bubble that has now burst, says Mr. Galbraith, author of “The Otaku Encyclopedia: An Insider's Guide to the Subculture of Cool Japan.” “Some say anime is dead,” he observes in Tokyo, “while others who still like it say it’s overpriced, and end up illegally streaming it.”
Even Japan’s mighty video games are losing their worldwide cachet. Legendary game designer Keiji Inafune was recently accused of having a “Charlie Sheen moment” in his calls for Japanese studios to wake up to their growing irrelevance.