Tue, Apr 8 2008, 04:35 GMT
http://www.djnewswires.com/eu
Japan Mar Corporate Bankruptcy Cases Up 23.0% On Year
TOKYO (Dow Jones)--Japanese corporate bankruptcies rose 23.0% on year in March to 1,127 cases, a new high, private credit research agency Teikoku Databank Ltd. said Tuesday.
The result marked the highest figure since the survey first started being conducted in April 2005.
The think tank said 45 firms went out of business in March due to rising crude oil prices, sharply up from 11 in the same month a year earlier. The number of failed construction companies also rose to 307, compared with 241 a year ago.
Bankruptcies "have been on a rising trend for sure," Teikoku said.
Debts left behind by insolvent firms fell 3.6% on year to Y456 billion in March, down for the first time in two months.
Teikoku also said Tuesday that bankruptcies in Japan surged 18.4% on year to 11,333 in fiscal 2007.
Some Japanese economists say if there continues to be a high number of bankruptcies, the worsening labor market will likely stunt consumption growth, which accounts for 55% of Japan's gross domestic product, dragging down the economy across the board.
TOKYO (Dow Jones)--Japanese corporate bankruptcies rose 23.0% on year in March to 1,127 cases, a new high, private credit research agency Teikoku Databank Ltd. said Tuesday.
The result marked the highest figure since the survey first started being conducted in April 2005.
The think tank said 45 firms went out of business in March due to rising crude oil prices, sharply up from 11 in the same month a year earlier. The number of failed construction companies also rose to 307, compared with 241 a year ago.
Bankruptcies "have been on a rising trend for sure," Teikoku said.
Debts left behind by insolvent firms fell 3.6% on year to Y456 billion in March, down for the first time in two months.
Teikoku also said Tuesday that bankruptcies in Japan surged 18.4% on year to 11,333 in fiscal 2007.
Some Japanese economists say if there continues to be a high number of bankruptcies, the worsening labor market will likely stunt consumption growth, which accounts for 55% of Japan's gross domestic product, dragging down the economy across the board.
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