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Japan's corporate bankruptcies climb 1.4% in July

08-08-2011 15:43 BJT

TOKYO, Aug. 8 (Xinhua) -- The number of corporate failures with debts of at least 10 million yen (128,000 U.S. dollars) rose 1.4 percent in July from a year earlier to 1,081, marking the third consecutive month of year-on-year increase, Tokyo Shoko Research Ltd. said Monday.

According to the credit research agency, 68 of the corporate failures in the recording period were due to the adverse affects of the March 11 earthquake and tsunami, bringing the total number of bankruptcies attributable to the quake and tsunami to 243.

By way of comparison, in the five months after the 1995 Great Hanshin Earthquake, 76 bankruptcies were recorded, more than a third less than the failures recorded in the same period following the March 11 disasters.

Liabilities left by the bankrupt firms dropped 19.7 percent to 220.91 billion yen, the lowest seen in July in the past 20 years due to a decline in bankruptcies involving liabilities worth 1 billion yen or more, according to the agency's figures.

Firms with debts of less than 100 million yen contributed to 70 percent of the overall total, Tokyo Shoko's data showed.

Separate data released by Teikoku Databank Ltd. showed Monday that 965 businesses failed in July, rising 5.1 percent from a year earlier, with liabilities of 202.89 billion yen, a drop of 18.6 percent from the same time a year earlier.

Editor:Wang Xiaomei |Source: Xinhua

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