Abdul Hadi Pasha
Banned
Well, the economic interest criterion was very much in the eyes of the beholder. To this day there is a debate about whether the second wave of imperialist expansion in the late 19th century was a net gain or a net loss in strict economic terms. I think that for many if not most countries it was more of a "Let's color as much of the map as others will let us get away with" thing. Certainly having Angola and Mozambique hardly helped Portugal devolve into a third-rate country after its brief golden age in the 1400s.
I would certainly agree that lots of colonies were net drains on their colonial masters, but you still had to have "interests" somewhere for your claim to it to be recognized. Also, net drains on the state aren't necessarily net drains on businessmen who drag their governments into interventions. Also, colonization often occurred as a result of the establishment of missions and the aggressive behavior of missionaries, of which as far as I know, Japan had none (altough that would certainly have been bizarre!).
Unlike France, Japan had no connection to Madagascar - no trade, no exploration, no trade routes that passed near it, etc. I don't think anyone would have been remotely inclined to support Japanese rule, and I think French goodwill would have been valued by the Japanese considerably above some remote African territory that they had no means to hold.