This stagnation can be more attributed to a stagnant population growth throughout the period and a rapid average aging of the population. Another factor is that their productivity growth is limited by technology as it has mainly stayed as productively possible. Sure the GDP per capita of Hong Kong and Singapore are high attributed by land value, but that doesn’t mean it’s population is as well off as Japan’s.And we can add Japan mid-'90s to the list. They had a real estate bubble which burst and stagnant growth since.
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GDP per capita
https://www.stlouisfed.org/on-the-economy/2017/may/tigers-tiger-cubs-economic-growth
Notice how the blue line for Japan flattened out.