Japan's real estate bubble era refers to the rapid expansion of the virtual economy represented by the stock market and the property market from 1985 to 1990. At that time, Japan was undoubtedly the hottest existence on earth. However, the real estate bubble and its bursting in this period is the largest, longest-lasting and most destructive real estate crisis in the history of the world. According to the data, the prices of all kinds of properties in big cities in Japan have generally dropped by more than 50%, especially in Ginza, Tokyo, where the prices have dropped by more than 70%.

This crisis has brought many negative effects to Japan, such as aging, declining birthrate, high suicide rate and wide gap between the rich and the poor. Today, more than 30 years later, Japanese housing prices have fallen from the peak of the bubble era to the bottom, and then slowly picked up.