Tokyo, June 8 (Jiji Press)–The number of corporate bankruptcies with liabilities of 10 million yen or more in Japan in May fell 8.9 pct from a year earlier to 780, marking the first drop in six months, Tokyo Shoko Research Ltd. said Monday. Of the total, two were caused by the deteriorating Middle East situation, whose impact is expected to spread further. The two occurred in the manufacturing and wholesale industries. The main causes were fewer orders and lower motivation to continue business due to oil price hikes and economic uncertainty. Shortages and price rises for oil-related products are getting more and more serious, a Tokyo Shoko Research official said, warning of an “increasing possibility that corporate bankruptcies will follow an upward trend toward summer.” The credit research company expects the number of January-June bankruptcies to exceed 5,000 for the first time in 12 years. Of the 10 sectors covered, bankruptcies increased in the retail, information and communications and transport sectors. Total liabilities left by failed companies in May jumped 34.0 pct to 121,199 million yen, up for the third straight month. END [Copyright The Jiji Press, Ltd.]
Japan Corporate Bankruptcies Fall 8.9 Pct in May
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