Which 1989 Japanese asset-price collapse began the period known as Japan’s Lost Decades?

The Japanese asset price bubble was the 1989–1992 market collapse associated with Japan’s Lost Decades.

Japanese stock and property prices rose dramatically during the late 1980s. The Nikkei 225 reached its historical peak of 38,957.44 on December 29, 1989. It then fell sharply, while land prices also declined after monetary tightening and the bursting of speculative excesses.

The aftermath included nonperforming bank loans, weak investment, deflationary pressure, and prolonged slow growth. “Lost Decades” commonly refers to the extended period of economic stagnation that followed, although the exact number of decades depends on the dates a writer uses. The episode is distinct from the U.S. dot-com crash of 2000.