Japan biz bankruptcies hit 12-year high for April
TOKYO -- The number of corporate bankruptcies in Japan in April involving liabilities of at least 10 million yen rose 6.6 pct from a year earlier to 883, the highest level for the month in 12 years, Tokyo Shoko Research Ltd. said Wednesday.
The center of Tokyo, Japan. Photo: Jiji Press
Business failures mainly caused by rising prices surged 51.7 pct to 85, reflecting higher prices stemming from a weaker yen and soaring raw materials prices.
With concerns rising over naphtha supplies amid the Middle East conflict, a Tokyo Shoko Research official warned, "Smaller companies being driven into bankruptcy may become a reality."
Bankruptcies rose in seven of the 10 surveyed sectors, including the construction and wholesale industries. On the other hand, business failures fell 5.1 pct to 277 for the service sector.
In April, the number of bankruptcies due to labor shortages stood at 33, down from 36 a year earlier.
Total liabilities incurred by failed companies increased 8.8 pct to 111,896 million yen. Of the total, cases involving liabilities of less than 100 million yen accounted for about 80 pct, highlighting bankruptcies among smaller businesses.
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