Which 1980s speculative boom ended with the collapse of Japan's property and stock prices?

The Japanese asset price bubble was the 1980s speculative boom that ended with the collapse of Japan's property and stock prices.

Japan experienced rapidly rising land and equity values during the late 1980s. The Nikkei 225 reached an all-time closing high of 38,915.87 on December 29, 1989. Commercial land prices in major cities also soared, encouraging lending secured by increasingly valuable property.

The Bank of Japan raised interest rates beginning in 1989, and asset prices then fell sharply. The Nikkei lost roughly half its value during 1990, while property prices continued declining for years. The prolonged economic stagnation that followed is commonly called Japan's Lost Decades.

The bubble is sometimes confused with Japan's later banking crisis or with the global 1987 crash. Those events were related to financial instability but were not the same episode. The Japanese bubble centered on extreme domestic property and equity valuations.