What was the name of the 1989 Japanese market crash’s main stock index?

The Nikkei 225 was the main stock index associated with Japan’s 1989 market crash.

The Japanese asset-price bubble reached its stock-market peak on December 29, 1989, when the Nikkei 225 closed at 38,915.87. The index then entered a prolonged decline as property and equity valuations unwound.

Japan’s bubble had been fueled by easy credit, rising land prices, and expectations that asset values would continue increasing. Banks were deeply exposed to property lending, so falling collateral values weakened the financial system and contributed to a long period of slow growth.

The Nikkei’s crash was part of a broader asset-price collapse rather than a single trading-day event comparable with Black Monday. The index eventually fell far below its 1989 peak and did not regain that closing level for decades, making Japan a central example of a long market downturn.