[FabHK]

More:

* Huge asset bubble in the 1980's.

* The Nikkei 225 stock market indicator reached a high of about 40k in 1989, but dropped to a quarter with the collapse of that asset bubble, and has not recovered that yet (it just recently hit 30k). This period was known as the "lost decade" [1]

* Japan has had very low (near zero) rates for nearly three decades, more than twice as long as the rest of the world.

* Demographics: the transition to low birth rates, shrinking and ageing population started earlier than most other countries

[1] https://en.wikipedia.org/wiki/Lost_Decades

[martincmartin]

I believe Nikkei total return, i.e. with dividends reinvested, is higher than in 1989. So even money invested in 1989, if not touched, eventually outperformed cash. But it took a while.

[FabHK]

I had a quick look at the TOPIX total return index and it looks plausible (not sure there is a total return version of the Nikkei 225).