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

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

The end of World War II ended Japan's isolation in the global economy, prompting what's now called the "Japanese Economic Miracle." From the 1940s to the 1980s, Japanese policy makers enacted ultra-loose monetary policies that pushed a ton of cash into the market and fueled rapid growth. But these policies ultimately helped create a bubble and sent the country into a deep period of deflation.

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.

Santa Barbara once had a thriving Chinatown and Japantown

In the late 1800s, the city had an influx of immigrants from China and Japan, prompting the growth of areas dominated by their respective cultures. Earthquakes and world wars, as well as a push for Spanish Colonial architecture, led to their eventual decline.

Before World War II, the US was a Pacific power

Decades before Pearl Harbor, the US held major Pacific territories—Hawaii, the Philippines, Guam, American Samoa, and numerous island bases—giving it strategic reach across the western Pacific. This presence increasingly overlapped with Japan’s imperial ambitions in the region, contributing to rising tensions.

China has a ‘ghost town of abandoned mansions’

This video shows how China’s property bubble deflated as new-home sales collapsed and more than 50 developers defaulted. In Shenyang, an abandoned “ghost town” reveals the fallout of a boom built on debt and overbuilding that could no longer be sustained.

Monaco is the world's most expensive real estate market

New York City was the world's second-most expensive real estate market, and Hong Kong was the third. A visual ranks the top 20 most expensive real estate markets in the world at the time.

Napa Valley, explained

Some of the most valuable agricultural land in the US is in California's Napa Valley. Located about an hour's drive north of San Francisco, Napa has more than 400 wineries employing upward of 44,000 people and drawing in nearly 4 million annual visitors. The price per acre in the valley can exceed $500K because some of the best wines in the world are grown and produced in the roughly 30-mile-long area.

Nero's 'Golden House' was the peak of Roman imperial architecture

Constructed on land cleared by the Great Fire of Rome in 64 CE, Emperor Nero's large "Golden House" included gilded rooms, multiple gardens, zoo-like enclosures, an artificial lake that housed a boat, and a giant statue of Nero himself. The palace was destroyed after Nero's death in 68 CE.

An 800-ton shake table is the world's largest earthquake simulator

After the 1995 Kobe earthquake killed over 6,000 people, Japan created E-Defense to reproduce the force of earthquakes and test them against structures as tall as 10 stories, leading to changes in Japanese building codes to reduce collapse rates.

US state economies compared to entire countries

This map compares US state economies by their gross domestic product to that of a similarly sized country. For instance, California has the largest state economy in the US, with a GDP nearly equal to that of India, the fifth-largest economy in the world. Click here to see how the rest of the states compare.

Why Japan builds airports on water

Some of Japan's roughly 100 airports are built on water—that is, engineers have created new land in bodies of water specifically to construct airports. This six-minute video explains why the country is doing so despite the higher cost of such airports.

What (and when) was Imperial China?

China's first dynasty arose in 1600 BCE, according to current archaeological evidence, and its last dynasty fell in 1911. Learn more about Imperial China in this Smithsonian collection of articles and artifacts on each dynasty. According to...

One writer suggests using the California roll to evaluate sushi restaurants

Christine Carone uses the logic of the Big Mac Index—a metric for evaluating purchasing power by comparing countries’ Big Mac prices proposed by the Economist—for evaluating takeout sushi. Her recommendation is looking at the cost of a California roll, a relatively inexpensive, middle-of-the-road item for any American sushi spot. If it’s too expensive, the restaurant isn’t offering good value. But if it’s too cheap, you should worry about the quality of the fish.

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.

Why Kansas is giving away cheap land

In Lincoln, Kansas, a housing renaissance is underway, driven by affordable real estate prices and a lower cost of living, in stark contrast to high-priced urban centers. Bradley Roberts, who previously lived in San Francisco, moved to Lincoln and...

Japanese Prime Minister Shinzo Abe dressed as Mario at the Olympics

In a 2016 ceremony at that year’s Summer Games in Rio, Abe dressed as Super Mario to celebrate his country hosting the 2020 Olympics. It was a logical move: The character is one of the most recognizable characters in the world and someone who’s now associated with Japanese culture.

Compare the size of presidential residences around the globe

This video shows 3D renderings of official residences from the modest White House to sprawling estates like France's Élysée Palace and Russia's Kremlin, revealing contrasts in scale, architecture, and symbolism across nations.

Famed American investor Jesse Livermore made millions when the stock market crashed in 1929

Livermore made his first major short against rail company Union Pacific in 1906, coincidentally before an earthquake in San Francisco, which ultimately tanked share prices. During a financial panic the next year, JP Morgan reportedly asked Livermore to increase his long-term investments to restore hope and restabilize the market—which Livermore did. However, Livermore began betting against the market in 1929, sensing that stocks were too hot, and was one of the few people to benefit from the 1929 stock crash.

Side-by-side shots of once-dry California lakes now filled

In late 2022, much of California was in drought; by early 2023, after a series of downpours from atmospheric rivers, much of the state's reservoirs had been re-filled. See the dramatic difference in this series of photos.

The world of rare and expensive Pokémon cards

The rising value and popularity of Pokémon trading cards is driven by nostalgia, influencer culture, and the launch of Pokémon Go. Fans of the decades-old Japanese game are now seeking to buy rare cards in mint condition for thousands of dollars, sometimes even millions. Learn more about the frenzy to collect these rare cards, and how influencer Logan Paul helped boost market interest in this article.

In 2006, Macy's was worth $20B—but as of 2024, its market cap was just under $5B

Macy's went from roughly 800 to 500 stores within the same time period. Macy’s has spent the recent years since the pandemic closing swaths of stores.

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.

You can find the value of a dollar dating back to 1635

The value of a dollar hasn’t been consistent throughout history. An inflation calculator lets you compare the value of dollars from any two years over the past four centuries.

Beyond oil, the Iran war is pushing up costs on fertilizer, prescriptions, and mortgages, too

Gas is up 27% since fighting began, but the Strait of Hormuz also carries a third of the world's fertilizer, petrochemicals used in generic drugs, and helium for semiconductor manufacturing. Mortgage rates have climbed back above 6.4%, and economists warn $130 oil could tip the U.S. into recession.

AI is estimated to drive most data center power demand growth through 2030

According to a report from the International Energy Agency, a typical AI data center in 2025 consumes as much electricity as 100,000 households, but the largest under construction are expected to consume 20 times as much. Global data center electricity consumption is expected to surpass Japan's total consumption by 2030.

Stanford built a Google Maps for the Roman Empire, revealing how much it cost to travel in the ancient world

Before the current East Wing ballroom project, only two White House renovations in the past 100 years cost more than $10M.

Frank Lloyd Wright's houses are historically hard to sell because they're old, subject to local landmark commissions, and often unfashionable

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

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

US consumers collectively owe more than $1T to credit card companies—almost as much as they owe in auto loans.

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

Use this calculator to find the dollar value of your mental load, from meal planning to coordinating after-school care for your children.

Poison ivy was sent to Europe in the 1600s as an exotic, ornamental oddity, where it was purposefully grown in the English royal gardens at Kew, the Faculty of Medicine in Paris, and a few other locations.

Sears sold DIY house kits starting at $600 in its famous catalog from 1908 through the 1940s, resulting in roughly 10,000 'Sears and Roebuck houses' being built.

The most expensive ad of all time was for Chanel No. 5 perfume and cost roughly $33M to produce in 2004—about $57M in today's dollars.

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

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.

See a ranking of the best (and worst) Federal Reserve Chairs since 1914 out of the 16 men and women who have held the office since.

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.

Watch contemporary footage covering the US-backed Shah of Iran fleeing the country in the face of the 1979 Iranian Revolution

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.

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

Mark Twain spent decades feuding with the US Postal Service, convinced its costs and regulations were bureaucratic overreach.

The use of fungi to detoxify land and water—a process known as mycoremediation—has been used to clean up natural resources affected by the 2025 California wildfires.

Neutron stars, the remains of some massive stars after they explode in a supernova, are the densest directly observable objects in the universe.

See this overview of the firework rules across all 50 states, ranging from a complete ban on non-professional fireworks in Massachusetts to states with more lax rules like Indiana.

Against his wishes, Albert Einstein's brain was removed before his cremation, and the pathologist responsible stored it for decades in mason jars within a beer cooler.

The Beatles' US label rejected the band's first two singles, 'Please Please Me' and 'From Me to You,' with one executive calling the band 'dead in the water.'