Which 1989 Japanese asset bubble is linked to the long collapse of the Nikkei 225?

The Japanese asset price bubble is linked to the long collapse of the Nikkei 225 after its December 1989 peak. It involved extreme rises in both Japanese share prices and urban land values.

Low interest rates, rapid bank lending, financial deregulation, and strong expectations helped inflate asset prices during the late 1980s. The Bank of Japan later tightened policy, and land and equity prices began falling around 1990.

The aftermath produced a prolonged period of weak growth, banking distress, and deflation often called Japan's Lost Decades. The stock-market collapse was therefore part of a broader balance-sheet crisis, not an isolated trading-day crash.