Bankruptcies Top 10,000 in Japan

TOKYO, Apr 08 (News On Japan) - Corporate bankruptcies in Japan exceeded 10,000 in fiscal 2024 for the first time in 11 years, driven by inflation and labor shortages, according to Teikoku Databank.

The number of bankruptcies for the year through March reached 10,070, marking a significant increase and the first time the figure has surpassed 10,000 since fiscal 2013. Total liabilities have topped 2 trillion yen for the third consecutive year.

Among the causes, bankruptcies attributed to rising prices grew by 10% from the previous year, hitting a record high of 925 cases. Many companies, particularly in construction and manufacturing, were unable to pass on rising costs such as raw materials and labor to customers, leading to insolvency.

Teikoku Databank warned that multiple factors—including U.S. tariff policies under Donald Trump, concerns over a slowdown in the U.S. economy, and rising borrowing costs due to potential additional rate hikes by the Bank of Japan—could keep bankruptcy risks for small and micro enterprises at elevated levels.

Source: TBS

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