Japanese asset price bubble

The Japanese asset price bubble was a surge in land and stock prices during the late 1980s, followed by a prolonged collapse beginning in 1990.

Bank of Japan: Japan’s central bank, responsible for monetary policy and currency issuance. Its interest-rate decisions shaped the credit conditions surrounding the boom and its end.
Japanese postwar economic miracle: Japan’s rapid economic growth and industrial transformation from the 1950s through the early 1970s. The boom arose within institutions and expectations formed during decades of postwar growth.
Lost Decades: The prolonged period of weak growth and deflation in Japan beginning in the 1990s. The asset collapse became a central trigger for Japan’s extended economic stagnation.
Great Depression: A worldwide economic contraction that began in 1929 and lasted through much of the 1930s. Both episodes involved financial distress, but Japan’s post-bubble stagnation unfolded under different institutions and policies.
Nikkei 225: A price-weighted index of 225 leading stocks listed on the Tokyo Stock Exchange. It reached its peak at the end of 1989 and then fell sharply.
Lombard lending facility: A Bank of Japan facility through which financial institutions could borrow at a posted rate against eligible collateral. Its rate became a key policy benchmark as the central bank later tightened credit.
Plaza Accord: A 1985 agreement among major economies to coordinate a depreciation of the US dollar. The accord’s exchange-rate effects preceded a policy shift often linked to the bubble’s formation.
Japanese banking crisis: The 1990s crisis in Japan’s banking system, marked by nonperforming loans, failures, and restructuring. Falling collateral values left banks burdened with bad loans and weakened lending.
United States housing bubble: The rise and collapse of US home prices that culminated in the 2007–2009 financial crisis. Its international banking shock contrasts with Japan’s drawn-out domestic balance-sheet repair.
Tokyo land prices: Prices of land in Tokyo, a major center of Japan’s late-1980s property boom. Tokyo property became a prominent symbol of the bubble’s extraordinary valuations.

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