Japanese asset price bubble
The simultaneous surge in Japanese share and land prices through the second half of the 1980s, which ended in 1990.
How to read the number
The loop was closed: land served as collateral for loans, the loans went into shares and into the same land, and dearer collateral allowed more borrowing. Falling collateral ran the chain backwards.
When the metric lies
The deflation was not one crash but years of it: banks carried bad loans on their books for a long time, which stretched the downturn across a decade.
Also known as: japan bubble