What was the name of the speculative bubble that burst in Japan after the Nikkei peaked in 1989?

The speculative boom that burst after Japan's 1989 market peak was called the Japanese asset price bubble.

Japanese land and stock prices rose dramatically during the late 1980s. The Nikkei 225 reached its record closing level of 38,915.87 on December 29, 1989. The Bank of Japan then tightened monetary policy, and asset prices began falling. The Nikkei lost much of its value during the early 1990s.

The collapse affected banks, companies, property owners, and households because many loans had been secured against inflated land values. Japan subsequently experienced a prolonged period of weak growth, falling prices, and banking stress often called the Lost Decades.

This episode is sometimes confused with the 1990s Asian financial crisis, but they were different events. Japan's bubble was centered on domestic stocks and real estate, while the 1997 crisis began with pressure on currencies and financial systems across several Asian economies.