Japan is the winner for the greatest asset bubble of all time because of how well it scores on the three criteria (Market Cap, Price, and Recovery Time) relative to all other bubbles in market history.

To be precise, the Japanese stock market lost over $2 trillion and Japanese land values have declined by $8 trillion since the late 1980s/early 1990s.

More importantly, in the 30 years since the peak, both Japanese stocks and residential real estate have yet to recover.