Episode Details

In December 1989, the Nikkei closed at thirty-eight thousand nine hundred and fifteen. Japan had seventeen of the top twenty banks in the world by assets. Tokyo real estate was worth more than the entire state of California. Three months later, the index began to fall. Thirty-five years later, it had still not recovered.

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This is the financial autopsy of Japan 1990 — the asset price collateral feedback mechanism that turned the largest peacetime economic expansion in history into the longest stagnation any developed economy has ever recorded. We dissect the Plaza Accord, the collateral loop that made land the engine of the entire credit system, the deliberate rate hike that triggered the reversal, the evergreening that made the contraction permanent, and what Japan taught every central bank in the world — and what every central bank got wrong about the lesson.

Japan 1990 | asset bubble | Nikkei collapse | lost decade | Bank of Japan | keiretsu | real estate bubble | balance sheet recession | evergreening | non-performing loans | Plaza Accord | financial autopsy | credit contraction | sovereign debt | economic stagnation

Every collapse has a pattern. We dissect it. Layer by layer.— Financial Forensics Labs