I will just say a few observations which show that the picture the article paints is not quite accurate.
Firstly, yes there are many people with fancy clothes. What the author does not say is that a lot of those people live with their parents - and their whole income is expendible. I don't know if this phenomeneon started after the bubble economy, but it is quite shocking.
Then there is the fancy cars - what is the percentage of car ownership?
About employment - finding permanent employment for young people has become almost impossible. Many young people now have short term contracts or do so called "arebeito" (extremely short term work with hourly wage). This is clearly not optimal and is a new in this generation.
Japanese health care is a joke. They spent a lot on the last years of life (everywhere you look is AED machines), but nothing on the quality of life. Japanese dental care is below third world country! The majority of people do not get orthodontal treatment even when clearly necessary. Take a look next time you walk around.
Another example of the quality of health care - I've spoken to two dermatologists (from national health care in Japan) and they don't even know about ruaccutane (isotretonion). This surely is a basic treatment that in some cases are necessary?
Japanese banking is pathetic. It seems they do everything by hand - which is nice but inefficient. With my non-japanese banking I get internet banking for free and ATMs are open 24/7. Good luck getting that in Japan.
Typed on iPhone so sorry for typos.