Japan equity and real-estate bubble
1987~1990
A Japanese asset-price phase in which equities, land prices, economic activity and money expanded together.
The bubble-expansion interval defined by Bank of Japan research using simultaneous increases. Prices began rising earlier.
Conditions at the time
Asset prices had begun rising earlier and accelerated around 1986.
How events unfolded
Equities and land rose at different times, making it difficult to group them into a single peak.
Stakeholders and impacts
Banks, businesses, landowners and equity investors participated in the expansion.
Information available at the time
Stability in general prices at the time provided information distinct from assessments of asset-price risk.
Findings confirmed later
Bank of Japan research defines 1987–1990 as the interval in which the bubble emerged and expanded.
Alternative interpretations and limitations
An analytical boundary; it does not mean all assets rose simultaneously or collapsed on the same day.
Interpretation using later sources
BOJ researchers' retrospective separates peaks in the benchmark equity index, the commercial-land-price indicator and economic activity: late 1989, 1990 and 1991 respectively. Nonperforming assets and financial-institution problems persisted after asset prices fell. ASSETCASTING interpretation: One bubble-peak date obscures where risks surfaced first. Even when consumer prices appear stable, compare asset prices, credit and investment.
Evidence coverage through 2019-07-22 · Sources checked 2026-10-14
Related events and periods1
- Disinflation and expanding financial-market connections
An event or period whose recorded start falls within this editorial interval. This does not establish that it caused or represents the characteristics of the era, nor guarantee that the entire period falls within the interval.
Historical events do not guarantee future recurrence or investment performance.