9,053 corporate bankruptcies in Japan's fiscal 2023, the highest since 2014, marking a 34.8% increase in the service sector.

Japan recorded a record 9,053 corporate bankruptcies in the fiscal year 2023, with total debt rising to 2.46 trillion yen, according to a survey by Tokyo Shoko Research. This marks the first time since fiscal 2014 that the country has seen such a high number of bankruptcies, as many businesses struggled to survive without government financial aid during the pandemic. All 10 industry categories surveyed saw an increase in failures, with the service sector leading with 3,028 cases, a 34.8% increase.

April 08, 2024
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