For 20 years you encourage speculation on land and housing, causing massive inflation in land values that raise costs for the entire economy. $600,000 for a 3 bedroom house in the suburbs? No problem - everyone is rich! Insane rents for businesses? Who cares.
Then, almost overnight, your currency is pushed up in value by 50-100% because of financing flows related to government debt and investment in mining equipment. You don’t invest this windfall or take any steps to prevent it affecting the rest of the economy (like every other country in the world), you just stop buying the newly “overpriced” domestic goods, whose incompetent manufacturers inexplicably haven’t halved their costs overnight, and start buying from overseas.
Great! Who cares about these dirty old legacy industries when I can buy all this cheap stuff without even working for it? Just let them go out of business, if that’s what the market wants. Surely this flood of money will last forever, and, anyway, financing and “services” are the future (even though you still import more of those than you export), so you just don’t need to produce anything. People can all work for the government or claim unemployment benefits. Life is good.
Then there is a bit of a slump in the economy. One day you wake up and your currency isn’t worth what it used to be and you can’t afford these imported goods, but there are no domestic manufacturers left. Oh, oh well.
With luck that manufacturing base will relocate in the US. Toyota is not only a good product, they are a good company