Lost Decades

Japan’s Lost Decades are the prolonged period of weak economic growth, falling prices, and financial repair that followed the collapse of its asset-price bubble in the early 1990s.

Japanese asset price bubble: A late-1980s surge in Japanese land and stock prices, fueled by credit and speculative investment. Its collapse in the early 1990s initiated the prolonged stagnation.
Plaza Accord: A 1985 agreement among major economies to coordinate a decline in the value of the U.S. dollar. The yen’s subsequent appreciation shaped Japan’s monetary response before the bubble.
Quantitative easing in Japan: The Bank of Japan’s use of large-scale asset purchases and reserve expansion to ease monetary conditions. Japan pioneered this policy as conventional rate cuts neared their limit.
Japan's lost decade: The initial 1990s period of stagnation and financial distress after Japan’s asset bubble burst. It names the first phase later extended by continued economic weakness.
Balance sheet recession: A downturn in which indebted firms and households prioritize debt repayment over borrowing and investment. Japanese firms redirected cash toward repairing balance sheets rather than expanding.
Bank of Japan: Japan’s central bank, responsible for monetary policy and financial-system stability. Its monetary decisions helped shape the boom and the response to the crash.
Zero interest-rate policy: A central-bank policy that holds short-term interest rates at or near zero. The Bank of Japan adopted it to stimulate demand amid persistent weakness.
Aging of Japan: The long-term rise in Japan’s median age and share of older residents. An aging population intensified labor-force decline and pressure on public finances.
Deflation: A sustained decline in the general price level of goods and services. Falling prices increased the real burden of debt and discouraged spending.
Discount rate: An interest rate at which a central bank lends directly to financial institutions. Changes in Japan’s official rate influenced credit conditions around the bubble.

Linked from 10 pages