• Economy

Japan Biz Failures Hit 8-Year High in April-September

TOKYO (Jiji Press) — The number of corporate bankruptcies in Japan jumped 37.7% to an eight-year high in the April-September fiscal first half from a year before due mainly to repayments of COVID-19 relief loans, Tokyo Shoko Research Ltd. said Tuesday.

Business failures with liabilities of ¥10 million or more totaled 4,324, the highest level since 4,388 in the first half of fiscal 2015, the credit research firm said.

Bankruptcies had been low thanks to the interest-free, unsecured loans extended during the height of the pandemic. Failures are on the rise due to a delay in earnings recovery from the pandemic and higher costs, a Tokyo Shoko Research official said.