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Company bankruptcies in Japan up for ninth month in January: survey

TOKYO, Feb. 11 (Xinhua) — A complete of 546 corporations in Japan went bankrupt in January, rising for the ninth straight month, in accordance with a latest survey by a credit score analysis firm.

The studying marked a year-on-year enhance of 13.3 p.c, and elevated for January for the primary time in three years in contrast with the identical month of the earlier yr, Japan’s Teikoku Databank Ltd. stated in its on-line report on Wednesday.

By trade, the variety of bankruptcies grew year-on-year in 4 of seven industries, particularly these within the service sector and food-related companies, in accordance with the report.

Business failures within the service trade went up 19.2 p.c to 143 in comparison with the identical month final yr, rising for 11 consecutive months, it stated.

In phrases of enterprise dimension, the variety of bankruptcies of small- and medium-sized enterprises elevated, whereas corporations with liabilities of 10 billion yen (76.09 million U.S. {dollars}) or extra reported zero bankruptcies for the primary time in eight months.

According to the survey, the full quantity of liabilities got here to 50,769 million yen, down 25.3 p.c year-on-year.

Starting from February, bankruptcies ensuing from wage hikes could seem, Teikoku Databank predicted. (1 U.S. dollar equals 131.43 Japanese yen)