What was the name of the speculative bubble that burst in Japan in 1990, triggering a long market decline?

The speculative bubble that burst in Japan in 1990 was the Japanese asset price bubble.

During the late 1980s, Japanese shares and real-estate prices rose dramatically amid easy credit, strong optimism, and financial speculation. The Nikkei 225 reached an intraday high of 38,957.44 on December 29, 1989. Land values, particularly in major urban areas, also became extraordinarily expensive.

The Bank of Japan tightened monetary policy, and asset prices began falling. The stock-market decline started in 1990, while the real-estate collapse unfolded over a longer period. Banks were left with large quantities of bad loans, weakening credit and contributing to years of slow growth.

The episode is often associated with Japan’s “Lost Decades,” although that label covers a complicated period rather than one single uninterrupted recession. It is also distinct from the 1997 Asian financial crisis, which began several years later and affected many economies across the region.