More: * Huge asset bubble in the 1980's. * The Nikkei 225 stock market indicator reached a high of about 40k in 1989, but dropped to a quarter with the collap

More: * Huge asset bubble in the 1980's. * The Nikkei 225 stock market indicator reached a high of about 40k in 1989, but dropped to a quarter with the collapse of that asset bubble, and has not recovered that yet (it just recently hit 30k). This period was known as the "lost decade" [1] * Japan has had very low (near zero) rates for nearly three decades, more than twice as long as the rest of the world. * Demographics: the transition to low birth rates, shrinking and ageing population started earlier than most other countries [1] https://en.wikipedia.org/wiki/Lost_Decades https://en.wikipedia.org/wiki/Lost_Decades