Ronald Reagan asked in his campaign “What do we want our kids to do? Sweep up around the Japanese computers?” "an economic Pearl Harbor" was a term used.
While the US was fighting double digit inflation Japanese were buying American companies and real estate like candy. Sony bought movies studio, someone else bought Rockefeller Center. Japan's 5th generation computer systems and AI was seen as threat to the US. Japanese management philosophy was seen as superior.
Even in popular culture movies like "Back To The Future 2", "Die Hard" etc. Japanese dominate.