At its peak of the Japanese Asset Bubble, the Imperial Palace of Japan was valued higher than the sum of all real estate in the state of California. Simply put,

At its peak of the Japanese Asset Bubble, the Imperial Palace of Japan was valued higher than the sum of all real estate in the state of California. Simply put, the Japanese Asset Bubble was the worst asset bubble in the history of asset bubbles. In order to stabilize the collapse of the asset bubble, they have been playing loosey-goosey with interest rates for two decades now. But in order to stabilize the fall in asset prices using monetary policy (a blunt instrument if there ever was one), they essentially have been inflating everything else. So while they have nominally had deflation in aggregate, they have had inflation levels in consumables (which is about 70% of the cost of living) that are bordering, if not surpassed, what most economists would call HyperInflation.