What was the name of Japan's asset-price bubble that burst in the early 1990s?

Japan’s asset-price bubble was the speculative boom that burst in the early 1990s.

During the late 1980s, Japanese share and land prices rose to extraordinary levels. Easy credit, optimistic expectations, and financial deregulation encouraged companies, banks, and investors to increase borrowing and buy assets. The Nikkei 225 reached its historical closing peak of 38,915.87 on December 29, 1989.

The Bank of Japan raised interest rates and tightened policy, while property and stock prices began to fall. The collapse damaged bank balance sheets because many loans had been secured by land whose value was declining. Falling asset prices then weakened corporate investment and household confidence.

Japan’s prolonged economic stagnation became known as the Lost Decades. The phrase usually refers to the 1990s and may extend into the 2000s, rather than naming the bubble itself. The stock-market crash was therefore part of a broader financial and economic adjustment involving real estate, banks, debt, deflation, and weak demand.