What was the name of the 1989 Japanese stock-market crash’s peak-era asset bubble?

The 1989 Japanese stock-market crash followed the Japanese asset price bubble.

During the late 1980s, Japanese stock and land prices rose dramatically. Easy credit, strong economic confidence, and expectations that asset values would continue increasing helped drive speculation. The Nikkei 225 reached its historic closing peak of 38,915.87 on December 29, 1989.

The Bank of Japan then tightened monetary policy, and asset prices began to fall. The Nikkei lost much of its value during the 1990s, while banks struggled with bad loans secured by depreciating property. Japan entered a prolonged period of weak growth, deflation, and financial stress commonly called the Lost Decade, although the broader stagnation lasted longer than ten years.

The bubble was unusual because both equities and commercial land had become extremely expensive. The later crash is sometimes described simply as a stock-market event, but the banking and real-estate collapse were central to its economic consequences.