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The 1980s culminated in a massive real estate bubble; as the Bank of Japan lowered interest rates to encourage competition in exports, speculation skyrocketed. Land values in Tokyo reached extraordinary heights, but in 1989, the central bank's attempt to dampen this frenzy by slightly increasing interest rates marked the beginning of the end. The inflated market collapsed, triggering widespread economic turbulence. Millions witnessed their investments vanish as banks suffered crippling losses. The ensuing crisis led to massive layoffs and unemployment, particularly among young graduates who faced a deep social stigma for remaining unemployed despite rigorous academic credentials.