Which exchange was at the center of the 1989 Japanese stock-market crash?

The Tokyo Stock Exchange was at the center of the 1989 Japanese stock-market crash.

Japan’s equity bubble reached its peak on the Tokyo Stock Exchange near the end of 1989, with the Nikkei 225 closing at 38,915.87 on December 29. Excessive lending, rising property prices, and expectations of permanently high asset values had helped push Japanese share prices to extraordinary levels.

The subsequent collapse was not an isolated one-day event. Japanese equities declined over several years, while the property market also weakened and banks were left with large quantities of bad loans. The prolonged aftermath is commonly associated with Japan’s “Lost Decades.”

The Tokyo Stock Exchange is Japan’s principal stock exchange and is now part of Japan Exchange Group. The Osaka exchange is also important, but it was not the central venue represented by the Nikkei 225’s famous 1989 peak.