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Markets · Period

Japan equity and real-estate bubble

1987~1990

A Japanese asset-price phase in which equities, land prices, economic activity and money expanded together.

JapanAsset bubblesCredit

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

Historical events do not guarantee future recurrence or investment performance.