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Bankruptcies up for 1st time in 2 months

Jiji Press TOKYO (Jiji Press) — The number of corporate bankruptcies in Japan in July rose 0.3 percent from a year before to 714, up for the first time in two months, Tokyo Shoko Research Ltd. said Tuesday.

The rise came as bankruptcies grew in the service industry, including restaurants, due to a labor shortage. The number of bankruptcies increased especially in large city areas such as Tokyo, the private credit research company said.

Meanwhile, total liabilities left by failed companies fell 11.4 percent to ¥109,885 million, as small-scale business failures with liabilities under ¥100 million accounted for a little over 70 percent of the total.

The data covered bankruptcies involving debts of ¥10 million or more.

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