Japan experienced an unprecedented economic boom in the 1980s known as "The Miracle on the River", however this led to an asset price bubble and overinvestment which caused a stock market crash and real estate bubble burst in 1989. This, combined with structural problems within Japan's economy such as a lack of competition, rigid labor markets, high government debt, and deflationary pressures, resulted in a prolonged period of stagnation throughout much of the 1990s causing significant losses for both individuals and businesses alike.