Coronavirus-Linked Biz Failures Pass 700 in Japan

Economy

Tokyo, Nov. 6 (Jiji Press)--The cumulative number of corporate bankruptcies due to the impact of the novel coronavirus epidemic reached 701 in Japan on Thursday, Tokyo Shoko Research Ltd. said.

Many of the failed businesses were small companies that had been struggling to begin with, the credit research firm noted.

Of all the coronavirus-linked bankruptcies since February, the number of those with debts of 10 million yen or more totaled 666, or over 90 pct.

By industry, the restaurant sector was hit hardest by the virus crisis, with 113 bankruptcies, followed by the apparel sector, with 67, and the lodging industry, with 55.

The monthly number of virus-linked bankruptcies in July and August were limited thanks in part to financing aid by the government, but the figure has topped 100 since September and is on a rising trend.

[Copyright The Jiji Press, Ltd.]

Jiji Press