Japan's 1990s deflation followed the country's fastest growth period

The Great Depression is one of history's most notable periods of deflation

The stock market crash of 1929 helped trigger a period of deflation in the United States by creating a drastic decrease in the total money supply. Because of the United States' central role in the world economy, virtually every single country was impacted by the recession.

At one point, the land underneath the Imperial Palace in Japan was reportedly worth more than California

Before Japan's economy crashed and sent the country into two decades of deep deflation, the real estate market was experiencing euphoric highs. The Imperial Palace never actually went on the market, so it's difficult to actually compare the value to California.

Japan has one of the largest debt-to-GDP ratios among developed countries

On the face of it, this appears to be a bad sign. But a closer look at Japan’s investment strategies reveals that its relatively high debt might be more sustainable than meets the eye.

Japan was an empire from 1868 until 1947

The Empire of Japan began on Jan. 3, 1868, and facilitated rapid modernization. It endured through a period of colonial expansion—including Korea and Taiwan—1930s militarism, and participation in WWII, until Japan’s formal transformation into a constitutional state under the 1947 constitution following Allied occupation.

Read former Fed chair Ben Bernanke's 2002 speech about preventing deflation

Very low inflation rates in the early 2000s in the United States and a worsening recession in Japan sparked some domestic concern over the threat of deflation. While Bernanke wasn't Chair at the time of the speech, he emphasized the Fed's role in preventing deflation.

The lifecycle of a financial bubble often follows a predictable pattern

Economist Hyman Minsky originated what became a five-stage model of an economic bubble: a new “displacement,” a rapid boom, euphoric speculation, early profit-taking by insiders, and finally panic selling. From Japan’s 1980s real-estate surge to the 2008 crash, the pattern repeats across eras and assets.

Roughly $5T of stimulus money flooded the economy during the pandemic

Recessions can last anywhere from months to years. To encourage economic growth, governments use policy levers such as lowering interest rates or introducing a stimulus. Economists credit massive stimulus funds for helping the economy quickly recover from a recession during the COVID-19 pandemic.

Japan’s imperial expansion in Asia set the stage for war with the US

Between 1931 and 1941, Japan seized Manchuria, launched a full-scale war in China and occupied French Indochina, moves that intensified its demand for strategic resources and triggered escalating US-led embargoes—particularly the 1941 oil cutoff—which sharply raised the risk of war between the two countries.

How Japanese Anime became a global phenomenon

Anime's popularity was once confined to Japan, but the art form has attracted a global audience in the 2020s due in large part to its availability on streaming and increased watch times during the COVID-19 pandemic. This Hollywood Reporter article explains how other factors—including several influential celebrities who consider themselves anime aficionados—have made the genre an international sensation.

China had an inflation rate of -0.4% in August 2025

As opposed to other G20 countries that are largely struggling with high inflation rates, China is facing deflation. Sluggish growth in the country's once booming real estate market is just one glimpse into the consumer slowdown triggering deflation.

Japan's mysterious disappearance industry

Tens of thousands of Japanese people reportedly choose to leave their lives behind and vanish, according to a 2016 book by Lena Mauger. This long read dives into some of the book's claims via interviews with some of the individuals opting to vanish,...

World War II helped convince food companies to produce more processed foods

Processed foods had existed since the 19th century, but they began infiltrating the mainstream during World War II, with foods designed to last on the battlefield for days. After the war, food companies saw great potential in the relatively cheap foods aimed at busy households. (Some readers may experience a paywall.)

Westerners didn't encounter sushi until the mid-1800s

Japan was rather closed off until the mid-1800s, when Westerners, including Americans, began visiting the country and tasting sushi. But it wasn’t until the 1970s that the food became popular outside of Japan. California, in particular, became an American hub for the food, thanks to its large Japanese immigrant population.

The Bretton Woods conference in 1944 created the foundations of the modern global economy

In July 1944, 44 nations gathered in Bretton Woods, New Hampshire, to create a new postwar economic order. The conference led to the creation of the IMF and the International Bank for Reconstruction and Development—now known as the World Bank.

Oil shocks, war, and the 1970s crisis that remade American energy and economics

The oil crises of the 1970s—fueled by Middle East conflict and OPEC’s dominance—triggered inflation, price controls, and policy failure. But they also accelerated fracking, alternative energy, and the rise of free-market economics.

Learn how Japan used the jet stream to launch attacks on US soil during World War II

In the final two years of the war, over 9,000 Fu-Go balloon bombs were launched from Japan, with about a thousand estimated to have reached North America. Six civilians killed by a Fu-Go bomb in Bly, Oregon, on May 5, 1945, became the only known deaths on American soil by enemy action during the war.

The world rapidly decolonized after World War II

After WWII, weakened European powers faced mounting resistance from colonized peoples. Between 1945 and 1980, dozens of nations across Africa, Asia, and the Middle East gained independence.

Tokyo is the world's largest city by population

Home to over 41 million people, the megacity used to be a humble fishing village called Edo. Since Japan opened to foreign trade in the mid-1800s, Tokyo has made significant economic advances and achieved numerous milestones in public transportation, urban planning and culture.

Modern Monetary Theory 101

Modern Monetary Theory is a macroeconomic theory that says government spending should not be restrained by fears of rising debt. Here's a breakdown of how the theory works.

Taiwan's economic history, analyzed

See how the global economic power evolved from the colonial period to today, including charts and graphs highlighting China's progress, especially in recent decades.

Japan's wrestling style is called puroresu

Puroresu has a long history in Japan, much of it traced back to Mitsuhiro Momota, better known as Rikidozan, who was the form’s first superstar and a hero to the country in the wake of World War II.

Some experts argue that Russia was never effectively integrated into the rules-based order after 1991

This piece argues that Russia's difficult relationship with the IMF and World Bank in the 1990s—characterized by economic shocks and perceived Western condescension—helped shape Moscow's later hostility toward the liberal order.

Why some nations reach economic success and others don’t

The 2024 Nobel Prize in Economics winners, Daron Acemoglu, Simon Johnson, and James A. Robinson, were honored for their compelling research on the factors that influence a nation’s prosperity. Spanning two decades, their work presents insights into how societal organization can explain the income discrepancies between different countries. In general, their research shows that economic success favors more free and open societies. Listen for more fascinating insights.

'Shogun,' a 1980s TV series, helped popularize sushi in the US by stimulating an American interest in Japanese culture.

US defense spending peaked during the Korean War at 13% of GDP

In 1953, during the Korean War, US defense spending reached 13.58% of GDP—more than three times today’s level. That peak marked the most militarized moment of the Cold War, and spending has never returned to that level since.

The 1990s “Got Milk?” ad campaign was intended to fix milk’s dwindling popularity

Despite its success in spreading the word about milk, the sales numbers weren’t quite as impressive. This Mental Floss article details the marketing efforts themselves, as well as how milk lobbyists didn’t necessarily succeed despite their revolutionary ads.

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

US housing costs have risen by roughly 175% between 1991 and 2026—but a growing number of Gen Zers are becoming homeowners anyway. In 2025, 4% of homebuyers were Gen Z, up from 3% the year before.

In 2026, Finland was named the world's happiest country for the ninth consecutive year based on its wealth, social safety network, and high life expectancy, among other factors.

Domino's Pizza's 30-minute delivery guarantee was responsible for the chain's 1980s surge, but it was discontinued after the company was found liable for delivery driver accidents.

How Amazon operates a 'flywheel' business model, a self-reinforcing cycle that drives continuous growth

The word 'jazz' evolved from 'jasm,' 19th-century American slang for 'energy'

When a Paris department store hesitated to sell Estée Lauder's perfume, she 'accidentally' broke a bottle, causing the smell to spread throughout the store and shoppers to start asking to buy the scent.

Jimmy Carter signed a 1978 bill that legalized home brewing, a move credited with kick-starting the craft beer industry.

The 1987 Nintendo video game 'Stadium Events' isn't known for being particularly fun, but its scarcity has made it a highly sought-after item that has sold for up to $35K at auction.

While El Niño moves warm Pacific Ocean waters east along the equator, La Niña moves them west, shifting where rainfall will become more common for months.

Learn more about the history of fireworks, which dates back to an accidental invention during an alchemist's quest for information about immortality.

Massive blooms of microscopic plankton called dinoflagellates produce the neon blue light seen in glowing tides.

Electrical grids worldwide must double their power delivery capacity by 2050 to meet surging demand from AI and electric vehicles.

The name 'Silicon Valley' arose from the founding of Shockley Semiconductor Laboratory in Fairchild Semiconductor in 1956-57, founded near Stanford University in Palo Alto

Warren Buffett's former professor Benjamin Graham is known as the 'father of value investing,' a strategy in which investors seek to buy stocks trading below their intrinsic worth.

For centuries, it was common to sleep in two shifts: a few hours at the beginning of the night, and a longer period beginning around midnight

The identity of the Tank Man in the iconic photo from the 1989 Tiananmen Square protests remains unknown and was possibly killed.

See a 3D reconstruction of Tenochtitlan, the Aztec capital that was home to an estimated population of 200,000 to 400,000.

Sunflowers have long been a symbol of nuclear disarmament because they can extract large amounts of radioactive cesium from soil.

Volcanoes 'die' when their supply of magma runs out, if they are shifted away from their underlying magma reservoir, or if they get clogged by collapsing or their magma cooling back into rock.

According to the physics of black holes, our 4D reality may be a hologram—a projection of information coded on a 2D surface on the edge of the universe.

See the evolution of Ebola vaccine and treatment development.

To reduce wrinkles in clothing, research recommends gentle wash cycles with more water and tumble drying with smaller loads and longer times.