Japan's debt crisis is rooted in the 1990s economic bubble burst. The 1980s saw rapid economic growth, fueled by speculative real estate and stock market investments. 

- **Asset bubble**: Property and stock prices soared beyond sustainable levels.
- **1990 crash**: The bubble burst, wiping out trillions in wealth.

To stabilize the economy, Japan's government embarked on massive fiscal stimulus programs:

- Infrastructure projects
- Bailouts for banks and companies
- Social spending to support the aging population

These programs were financed by borrowing, leading to an ever-growing debt pile.