What was the name of the speculative bubble whose collapse caused Japan's early-1990s market crash?

Japan's early-1990s market crash followed the collapse of the Japanese asset price bubble.

During the late 1980s, Japanese stocks and real estate rose to extraordinary levels. Easy credit, optimistic expectations, and financial liberalization helped push asset prices far beyond what many underlying earnings and rents could justify.

The Bank of Japan raised interest rates beginning in 1989, and property and share prices then fell sharply. The prolonged aftermath is often called Japan's Lost Decades because weak growth, banking problems, and deflation persisted for years.

This episode is different from a single-day crash. It was a broad asset-price collapse whose effects developed over a long period. The Nikkei 225 reached a peak near 38,957 in December 1989 and remained far below that level for decades.