So, to paraphrase, this recession/economic downturn will leave a lasting impression. The question is does it leave something positive or severe emotional scars?

It’s the bit after the main performance that is so instructive. Because, despite a few surface continuities such as karaoke, bowing while talking on the phone and noisily slurping noodles, the intra- and post-bubble Japanese outlook on life are almost incomparable. In the few years after Japan’s - actually fairly brief - late 1980s economic bubble, the very core of what it meant to be Japanese changed direction decisively, and by no means all for the worse.

Bingo…there you go! The VERY CORE of what it meant to be Japanese. In the same way, I believe this economic crisis might do the same to North Americans. Yep. I do.

The supposed essentials of “the Japanese way of business” - concealment of emotion, job-for-life culture, pressure for home ownership, even the respectful choreography of exchanging name cards - turned out to be wholly dispensable conceits.

Profit was OK, but excess profits became faintly disgusting. Companies took to hiding their success - not by stashing the loot in dodgy offshore subsidiaries to cheat the taxman, but by paying back creditors earlier than necessary. The idea of the shareholder as deserving more attention and reward than employees or customers quickly withered.

Belief in the fast buck - via property or stock investment - was stripped from public consciousness and replaced with a mass conversion to the religion of tortoise v hare. Bubble-phobia became the underlying policy of successive Cabinets and anything resembling one was crushed by legislation.

It will be interesting to see how some of the GIANTS of the skate industry (most of whom are public companies-Volcom, Quik, Billabong, Vans) fare over the next 18 months.

Household risk aversion now commands cultish devotion: books about living on a fiver a day sell in millions, and TV programmes on the theme are primetime fare.

When it comes to action sports, skateboarding is about as big a bang as you can get for your buck… No speed boat required or lift tickets needed…

Consumerism was transformed into something wholly different as the public embraced the creed of itten gokashugi - the “selective extravagance-ism” of splashing out on one thing, and spending astoundingly little on everything else.

Yes, I am repeating this. However, it’s an important point. People WILL cut back on spending …but they are not going to cut back on EVERYTHING. Let’s hope that a lot of money spent on skateboards…and ah, niche skate magazine subscriptions! (hint!)

People stopped replacing gadgets at lightning speed. Products that were stylish but unreliable lost their cachet - it will be interesting to see how the iPod fares in that context.

More durable decks…wheels that last longer…trucks that are tougher…there is no doubt the public is looking for not just value but reliability.

Japanese companies became the most energy-efficient on Earth, and their cars, lavatories, washing machines, televisions and air-conditioners more so. Greenness became a critical corporate prerogative, not an annoying chore.

Green…can get it any more greener than pushing a skateboard? Well…it’s tough to do that in the dead of winter here in Canadaa…but commuting by skateboarding is not so farfetched afterall.

But through it all, the country retained its creative panache: from Tokyo’s battery of the world’s best restaurants to Pokémon and Oscar-winning animation. PlayStation, the Nintendo DS, the Wii and the Tamagotchi were all post-bubble inventions.

I am fortunate to work with some of the world’s most creative thinkers and the quality of work that is spilling out of the skate market now is vast!. I know there is a ton of great new products to come….and frankly, that gives me – CLICHÉ ALERT – hope.