Bankruptcies in Japan Surpass 5,000 for First Time in 10 Years

TOKYO, Oct 09 (News On Japan) - The number of bankruptcies in the first half of the fiscal year has reached over 5,000 for the first time in 10 years, driven by a severe labor shortage.

According to Tokyo Shoko Research, there were 5,095 bankruptcies nationwide from April to September, an increase of 17.8% compared to the same period last year.

This is the first time the number of bankruptcies in the first half of the year has surpassed 5,000 since fiscal 2014, when 5,049 cases were reported.

Meanwhile, the total debt amount decreased by 13.8% from last year, reaching approximately 1.375 trillion yen.

By industry, bankruptcies increased in nine sectors, excluding "Finance and Insurance." The largest increase was seen in the "Services" sector, followed by "Construction."

Labor shortage-related factors, such as rising labor costs, contributed to an 80.4% year-on-year increase in bankruptcies. For small and medium-sized businesses, the inability to pass on higher costs to improve performance has become a significant burden.

Tokyo Shoko Research estimates that if this trend continues, the annual number of bankruptcies could surpass 10,000 for the first time in 11 years, potentially exceeding the 2013 level.

Source: ANN

Nissan to Cut 9,000 Jobs, Focuses Layoffs on Production Sites

Nissan Motor is implementing a workforce reduction plan involving 9,000 employees, with over 70% of the cuts concentrated in production sites, according to a JNN investigation.

Tokyo Cedar Pollen Season Starts Record Early Since 1985

Cedar pollen dispersal in Tokyo began on January 8th, marking the earliest start since monitoring began in 1985, according to the Tokyo Metropolitan Government.

Japanese Lunar Lander Resilience Launched From Kennedy Space Center

A rocket carrying the lunar lander developed by Japanese space venture ispace was successfully launched from the Kennedy Space Center in the United States.

Foreign visitors to Japan hit record high in 2024

The number of foreign visitors to Japan hit an all-time high last year, topping the annual record set before the coronavirus pandemic. Spending by tourists also reached a record high. (NHK)

Michelin-Star Chef's Exclusive Film Menu

Last month, Chef Kei Kobayashi, the first Asian to earn three Michelin stars in Paris, supervised dishes for the film "Grand Maison Paris." His restaurant in Paris, as well as five branded establishments in Japan, was featured in a special interview. Kobayashi proposed 20 to 30 menu items for the movie, with several dishes now being offered in Japan for a limited time, including a 5,500-yen course at his Gotemba restaurant.

MEDIA CHANNELS

MORE Business NEWS

Japanese firms pull commercials from scandal-hit Fuji Television

Fallout continues from a scandal involving a woman and popular TV personality Nakai Masahiro, who is best known as a former member of the disbanded pop idol group, SMAP. (NHK)

Japan's corporate bankruptcies hit 11-year high in 2024

Corporate bankruptcies in Japan rose for the third straight year in 2024. It is the highest number since 2013. Rising prices and labor shortages were to blame in many cases. (NHK)

Post-Holiday Blues Drive Surge in Job Resignations

The nine-day New Year holiday, often hailed as a "miraculous break," has come to an end, and everyday life is gradually resuming. However, for some, this period marked a turning point—deciding to quit their jobs. One resignation service provider reported a record-high number of client requests.

Sony, Honda Reveal Advanced EV Model Ahead of U.S. Tech Expo

Ahead of the opening of CES, the world’s largest technology expo, Sony Group and Honda have unveiled their first mass-produced electric vehicle (EV) model under the ‘AFEELA’ brand.

Tokyo Stock Market Opens Year with Sharp Drop as Workers Pray for Prosperity

The Tokyo stock market opened its first trading session of the year with a sharp decline, raising concerns about the state of Japan’s economy in the months ahead. The Nikkei average fell by more than 600 yen at one point compared to the previous year-end, a disappointing start for investors hoping for an optimistic beginning to 2025.