The contents of this article cover major plot and/or character spoilers. Reader discretion is advised.
The Fall is a world ending event that occurs in Persona 3. When The Fall begins, the Appraiser calls upon Nyx to bring death to all life. Should The Fall succeed, all living things will become like The Lost and eventually perish.
Ten years prior to the events of the game, Kouetsu Kirijo the leader of the Kirijo Group, experimented with shadows with the intent to create a time manipulation device. The goal of the experiment changed as many of the people involved, including Kouetsu Kirijo, became processed with The Fall.