I expect them to keep activity very high, but I don't expect them to allocate capital well in a way that will result in much profit and sustainable growth. This could last for a while, but IMO it's very unstable and could blow up faster than many expect.

Part of my reasons for believing this are stated in this presentation (which has been posted on HN, iirc):

http://dl.dropbox.com/u/6010227/Webshare/China%20Japan%20Pre...