The number of Japanese corporate bankruptcies in April rose 0.6 per cent from a year ago to 1,641 cases, the third worst figure for April since World War II, a research firm said today.
Total liabilities totaled 1,276.53 billion yen ($9.6 billion), rising 21.8 per cent year-on-year, the Teikoku Data Bank said, adding this was the second worst amount for the month since the war.
"A trend of deflation-related bankruptcies is clearly seen," which was reflected in the high number of bankruptcies, Teikoku Data said in a statement.
Failures of several listed companies, including retailer Niko Niko Do and electronics store chain Dai-ichi Katei Denki, pushed up the total liability figure in April.
The lingering sluggishness of the domestic economy was blamed for 75 per cent of the corporate collapses.
"Three quarters of the (failed) companies went under due to reasons related to recession," Teikoku said, adding construction companies and manufacturers were among the hardest hit by the trend.
AFP