What was the name of the 1990 Japanese market crash's broader asset-price bubble?

The broader bubble behind Japan's 1990 market crash was the Japanese asset price bubble.

Japan's asset price bubble developed during the late 1980s, when land and stock prices rose far beyond levels supported by underlying economic income. The Nikkei 225 reached its record close in December 1989, and the bubble then burst as monetary conditions tightened and confidence weakened.

The term is more precise than simply calling the event a stock-market crash because real estate was central to the episode. Commercial land in major Japanese cities became extraordinarily expensive, and banks were heavily exposed to property-related lending. Falling collateral values damaged bank balance sheets and restricted new credit.

The collapse produced a long period of weak growth, deflationary pressure, financial restructuring, and low asset prices often associated with Japan's “lost decades.” It is sometimes compared with the U.S. housing and financial crisis of 2007–09, but the institutional settings and policy responses were different. The bubble's exact peak dates vary by asset and region.