Which stock exchange was at the center of the 1989 Japanese crash after the Nikkei bubble burst?

The Tokyo Stock Exchange was at the center of the 1989 Japanese crash after the Nikkei bubble burst.

Japan’s asset-price bubble built during the second half of the 1980s. Easy credit, optimistic expectations, and rapidly rising land and share prices pushed valuations to extraordinary levels. The Nikkei 225 reached its peak on December 29, 1989, before entering a prolonged decline.

The Tokyo Stock Exchange is Japan’s principal securities market and the venue most closely associated with the bubble’s stock-market boom and collapse. The resulting stagnation became known as Japan’s “Lost Decades,” although the timing and definition of those decades are debated.

The exchange itself did not cause the crash. Monetary tightening, falling property prices, excessive leverage, and weakening confidence contributed to the reversal. The Osaka exchange is a separate Japanese market and is not the standard answer for this event.