Japan's Nikkei 225 reached its pre-bubble peak on December 29, 1989, before the country's long market collapse.
The index closed at about 38,915 points that day, after years of soaring Japanese share and property prices. Easy credit, rising land values, financial deregulation, and strong optimism helped drive the asset-price bubble during the second half of the 1980s.
The Bank of Japan then tightened monetary policy, and asset prices began falling. The Nikkei lost much of its value during the early 1990s, while banks and companies struggled with bad loans and declining collateral values. The resulting period is often called Japan's Lost Decades.
The 1989 peak is not the same event as the 1987 global stock-market crash. Japan's bubble collapse developed over a longer period and was closely tied to domestic property and banking problems.