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by IANS |
Tokyo, Dec 10 (IANS) The number of corporate bankruptcies in Japan reached 834 cases in November, a 7.9 per cent increase compared to the same month last year, data from research firm Teikoku Databank showed.
This marks the 31st consecutive month of year-on-year increases and the highest figure for November since 2013, when 820 cases were recorded, reports Xinhua news agency.
From January to November 2024, the cumulative number of bankruptcies reached 9,053, making it the highest annual total since 2015, even with December still to be accounted for.
Total liabilities amounted to 152.244 billion yen (about $1 billion), a sharp 72.7 per cent increase from 88.15 billion yen in November 2023.
The largest single bankruptcy was Nippon Denkai Co., a Tokyo Stock Exchange Growth-listed manufacturer of electrolytic copper foil, with liabilities of 14.761 billion yen. Two bankruptcies exceeding 10 billion yen contributed significantly to the increase in total liabilities.
The upward trend reflects the challenging economic environment and rising pressures on businesses across various sectors.
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