Contrarian Chronicles - A Tale of Two Bubbles

"When Japanese real estate (and stocks) started to sink, it infected the country's financial system. Bad loans throughout the financial system, together with the collapse in real-estate values, fed on themselves. That combination helped to precipitate the environment that Japan has experienced, in which it has seen real-estate values decline for 14 years. It's been unable to extract itself from the consequences of its dual bubbles. It's my belief that Japan's experience of dual bubbles has been underemphasized."

A Tale Of Two Bubbles