What was the name of Japan’s late-1980s asset-price bubble after its stock and property markets collapsed?

Japan’s late-1980s boom and subsequent collapse is known as the Japanese asset price bubble.

Land and share prices surged during the second half of the 1980s. Easy credit, financial deregulation, optimistic expectations, and speculative investment helped push valuations to extraordinary levels. The Nikkei 225 reached its historical peak of 38,915.87 on December 29, 1989.

Asset prices then fell sharply. The Nikkei lost more than half its value by late 1990, while property prices continued declining for years. Banks were left with large portfolios of bad loans, and weak demand and financial stress contributed to Japan’s prolonged economic stagnation.

The later period is often called Japan’s Lost Decade, although economic weakness and falling prices extended beyond the 1990s. The Plaza Accord of 1985 is frequently discussed as part of the background because the yen’s appreciation and policy responses influenced Japan’s financial conditions.