Which stock exchange’s 1990 crash followed the collapse of Japan’s asset-price bubble?

The stock exchange whose 1990 crash followed the collapse of Japan’s asset-price bubble was the Tokyo Stock Exchange.

Japan’s asset-price bubble involved exceptionally high prices for shares and real estate during the second half of the 1980s. The Nikkei 225 reached its famous peak at the end of 1989, and Japanese equities then entered a prolonged decline. The Tokyo Stock Exchange was the central marketplace where this equity collapse was reflected.

The bubble had been supported by abundant credit, rising land values, and optimistic expectations. After monetary policy tightened and asset prices turned downward, banks and companies faced large losses. The resulting balance-sheet problems weakened investment and economic growth.

The crash is often described as the beginning of Japan’s “lost decades,” although the country’s later stagnation had multiple causes and developed over many years. The 1990 collapse is distinct from the 1987 global Black Monday and from China’s 2015 stock-market turmoil.