The Japanese government had no idea what to do with this threat due to the illness of their head of government. So on July 11th the government decided to simply accepted the letter and asked Matthew to move his fleet southwest to wait for a response.
Matthew decided to head to Hong Kong promising to return next year for the response. He returned on February 14 1854, after only half a year and with ten ships and 1600 men. With more ships and men this put even more pressure on the Japanese. He was finally allowed to land on March 8. And finally on March 31 1854 the treaty was signed to open two ports for the Americas.
In the late 1980s Japan was in GNP per capita worldwide. But that all ended in the 1990s when its economy stalled and it entered its lost decade. The lost decade was largely caused by interest rates and houses that cost way too much money.
When the government realized this they raised the interest rates this led to a stock market crash and a debt crisis. Finally the issues manifested themselves to a banking crisis which led to the government giving lots of money to the banks to keep them from going bankrupt
The country had very low growth during this time and deflation in products. The stock market hovered at a record low and its property market never returning to what it once was.