Yes, and a major turning point would have been the launch of the Pioneer A-400. Ironically, good as it may have been, this was essentially a stripped down A-445, slapped with a higher price tag to boot. Japanese gear in its heyday was simply unbeatable, not only in terms of value but also ultimate performance. The A-445, its predecessors and successors, were insanely good for what they cost. Not to mention stuff by Technics, Yamaha, Marantz, Rotel, among others...American equipment was dismissed as 'Voiced for American rooms/tastes'.
Japanese was what people who didn't really 'know' about hi-fi bought.
European brands were viewed much like the French cars of the time - quirky and not for everyone.
That went on until the 1990s.