Which stock exchange was at the center of the 1989 crash known as the Japanese asset-price bubble collapse?

The Tokyo Stock Exchange was at the center of the 1989 crash known as the Japanese asset-price bubble collapse.

Japan’s equity bubble reached its climax in late 1989, when shares listed on the Tokyo Stock Exchange were valued at exceptionally high levels. The Nikkei 225 set its famous peak on December 29, 1989, before falling sharply through the early 1990s.

The collapse was closely connected to a broader property bubble. Japanese land prices had risen dramatically, and banks held large amounts of lending secured against real estate. When asset values declined, borrowers and financial institutions faced heavy losses.

The Osaka Exchange is also a Japanese marketplace, but it was not the exchange most closely identified with the bubble’s headline stock index and crash. The episode helped define Japan’s prolonged post-bubble economic stagnation.