Which financial bubble burst in Japan in 1990, beginning a prolonged collapse in Japanese share and land prices?

The Japanese asset price bubble burst in 1990, beginning a prolonged collapse in Japanese share and land prices.

During the late 1980s, Japanese equities and real estate rose to extraordinary levels amid easy credit, strong optimism and speculative investment. The Nikkei 225 reached its record closing high on 29 December 1989, then began a deep decline as monetary policy tightened and confidence weakened.

The collapse damaged banks, corporations and households because land and share values had supported borrowing and balance sheets. Japan subsequently experienced years of weak growth, falling prices and financial-sector stress, a period often called the “Lost Decades.”

This bubble is distinct from the earlier 1980s U.S. savings-and-loan crisis and the late-1990s dot-com bubble. It also differs from a single-day crash: Japan’s collapse developed into a long market and economic downturn after the 1990 peak.