"In economic terms, it was never a real threat, no more than Chinese trade is now."
Japan did not have almost 1/4 of the world's population nor the ability to sustain an economy proportionate to that size. China is now set to become the world's largest economy and to expand from there. Yours is a poor analogy.
And feel free to come visit Vancouver, maybe you can snap up a bungalow or two as they are only $3M now. One word of warning though- don't expect to find anywhere to rent at a reasonable price - 10's of thousands of units are sitting empty because their owners in China treat them not a a place to live or even derive revenue but as a place to park money (you remember saying they wouldn't do that, right?) safely out of reach of the Chinese government. Yes come visit Vancouver and then claim China is not much of a threat.