FinObservatory

Crisis atlas / JPN

Japan

55 distinct crisis events in 13 episodes, 1864–2016, from the union of five primary chronologies.

Debt profile: government debt trajectory and crisis-start levels →

28
Banking crises
16
Currency crises
11
Sovereign debt crises
55
Crisis events
1864–2016
Span

Crisis timeline

Every distinct (year, type) event, most recent first, with the chronologies flagging it. Start-year sources (GMD, JST) do not mark continuation years, so long episodes show lower agreement after their first year.

  1. 2016
    Currencyrr1 source
  2. 2015
    Currencyrr1 source
  3. 2014
    Currencyrr1 source
  4. 2013
    Currencyrr1 source
  5. 2001
    Bankinggmd, laeven_valencia, rr3 sources
  6. 2000
    Bankinglaeven_valencia, rr2 sources
  7. 1999
    Bankinglaeven_valencia, rr2 sources
  8. 1998
    Bankinglaeven_valencia, rr2 sources
  9. 1997
    Bankinggmd, jst, laeven_valencia, rr4 sources
  10. 1996
    Bankingrr1 source
  11. 1995
    Bankingrr1 source
  12. 1994
    Bankingrr1 source
  13. 1993
    Bankingrr1 source
  14. 1992
    Bankingrr1 source
  15. 1990
    Bankinggmd1 source
  16. 1979
    Currencyrr1 source
  17. 1962
    Currencygmd, rr2 sources
  18. 1952
    Sovereign debtrr1 source
  19. 1951
    Sovereign debtrr1 source
    Currencyrr1 source
  20. 1950
    Sovereign debtrr1 source
  21. 1949
    Sovereign debtrr1 source
    Currencygmd, rr2 sources
  22. 1948
    Sovereign debtrr1 source
  23. 1947
    Sovereign debtrr1 source
    Currencyrr1 source
  24. 1946
    Sovereign debtrr1 source
  25. 1945
    Sovereign debtrr1 source
    Currencygmd, rr2 sources
  26. 1944
    Sovereign debtrr1 source
  27. 1943
    Sovereign debtrr1 source
  28. 1942
    Sovereign debtgmd, rr2 sources
  29. 1939
    Currencygmd, rr2 sources
  30. 1932
    Currencygmd, rr2 sources
  31. 1927
    Bankinggmd, jst, rr3 sources
  32. 1924
    Currencygmd, rr2 sources
  33. 1923
    Bankingrr1 source
  34. 1920
    Bankinggmd, jst2 sources
  35. 1917
    Bankingrr1 source
  36. 1907
    Bankinggmd, jst, rr3 sources
  37. 1901
    Bankinggmd, jst, rr3 sources
  38. 1894
    Currencyrr1 source
  39. 1893
    Currencygmd, rr2 sources
  40. 1890
    Bankinggmd, jst2 sources
  41. 1885
    Bankingrr1 source
  42. 1884
    Bankingrr1 source
  43. 1883
    Bankingrr1 source
  44. 1882
    Bankinggmd, rr2 sources
  45. 1876
    Bankingrr1 source
  46. 1875
    Bankingrr1 source
  47. 1874
    Bankingrr1 source
  48. 1873
    Bankingrr1 source
  49. 1872
    Bankingrr1 source
  50. 1871
    Bankinggmd, jst2 sources
  51. 1864
    Currencygmd, rr2 sources

Source: Global Macro Database 2026_06 (Müller, Xu, Lehbib & Chen 2025) | Jordà-Schularick-Taylor Macrohistory R6 | Laeven & Valencia (2020) | Reinhart-Rogoff via HBS BFFS | ECB/ESRB Financial Crises Database Methodology

Macro context around each episode

Inflation, central-bank policy rate, and government debt in a window of five years either side of each crisis episode (consecutive crisis years bridged across gaps of up to two years). Crisis years shaded.

1864

Currency
Inflation (% y/y)
-1000100200185918641869
Policy rate (%)
No data for this window
Govt debt (% of GDP)
No data for this window

1871–1876

Banking
Inflation (% y/y)
-1000100200186618711881
Policy rate (%)
No data for this window
Govt debt (% of GDP)
0204060186618711881

1882–1885

Banking
Inflation (% y/y)
-2002040187718821890
Policy rate (%)
0510187718821890
Govt debt (% of GDP)
0204060187718821890

1890–1894

BankingCurrency
Inflation (% y/y)
-20-1001020188518901899
Policy rate (%)
0510188518901899
Govt debt (% of GDP)
02040188518901899

1901

Banking
Inflation (% y/y)
-1001020189619011906
Policy rate (%)
0510189619011906
Govt debt (% of GDP)
0255075189619011906

1907

Banking
Inflation (% y/y)
-5051015190219071912
Policy rate (%)
0510190219071912
Govt debt (% of GDP)
0255075190219071912

1917–1927

BankingCurrency
Inflation (% y/y)
-2002040191219171932
Policy rate (%)
No data for this window
Govt debt (% of GDP)
0255075191219171932

1932

Currency
Inflation (% y/y)
-20-1001020192719321937
Policy rate (%)
No data for this window
Govt debt (% of GDP)
0255075192719321937

1939–1952

CurrencySovereign debt
Inflation (% y/y)
-50005001k193419391957
Policy rate (%)
0510193419391957
Govt debt (% of GDP)
0100200300193419391957

1962

Currency
Inflation (% y/y)
-2.502.557.5195719621967
Policy rate (%)
0510195719621967
Govt debt (% of GDP)
051015195719621967

1979

Currency
Inflation (% y/y)
0102030197419791984
Policy rate (%)
0510197419791984
Govt debt (% of GDP)
0255075197419791984

1990–2001

BankingFiscal cost 8.6% of GDP, output loss 45.0% of GDP (Laeven-Valencia 2026)
Inflation (% y/y)
-2024198519902006
Policy rate (%)
0246198519902006
Govt debt (% of GDP)
0100200198519902006

2013–2016

Currency
Inflation (% y/y)
-2024200820132021
Policy rate (%)
-0.2-0.100.10.2200820132021
Govt debt (% of GDP)
0100200300200820132021

Source: Global Macro Database 2026_06 (Müller, Xu, Lehbib & Chen 2025) Inflation is % year over year; policy rate is the central-bank rate in %; government debt is % of GDP. Methodology