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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Japanese bankruptcies top 8,000 in first half AFP - Thursday, July 9 TOKYO (AFP) - - Japanese corporate bankruptcies topped 8,000 in the six months to June, the highest first-half level in six years, as the global economic downturn deepened, a survey has shown. The number of companies that failed with debts of 10 million yen (105,000 dollars) or more each totalled 8,169 in the January-June period, up 8.2 percent from a year earlier, Tokyo Shoko Research reported. Their combined debts jumped 47.3 percent from a year-earlier to 4.69 trillion yen. In June alone, 1,422 firms went under, up 18.2 percent from May and the highest for the month since June 2002 when 1,439 companies collapsed, the research firm said. "The government has declared the economy hit bottom but company failures do not show it," said Masashi Seki, an official at the research firm. While some large companies such as automakers are seeing signs of an improvement in their business, smallers firms are struggling and relying on government assistance such as loan guarantees, he said. "Small companies must already be spending borrowed money for their day-to-day business. Unless the economy picks up strongly, bankruptcies will rise further," Seki said. The bankrupt companies had combined debts of 477 billion yen in June, down 11.6 percent from the previous month, as the number of large failures dropped. Japanese companies have been badly hurt by recession in major markets including the United States, Europe and Japan. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: China's Economy IMF does not see Asia decoupling from world economyReuters - 2 hours 10 minutes ago US STOCKS SNAPSHOT-Wall St set to rise after IMF outlookReuters - 2 hours 40 minutes ago Rio Tinto says China iron ore talks still going onReuters - 2 hours 46 minutes ago China still negotiating on iron ore - Hebei execReuters - 2 hours 55 minutes ago Related Articles: Business India not planning to raise steel import tax - govtReuters - Wednesday, July 8 ArcelorMittal wins EU approval for Noble buyReuters - Wednesday, July 8 Manila DMCI makes top $361.7 mln bid for power plantReuters - Wednesday, July 8 India car sales rise 5th month, new models helpReuters - Thursday, July 9 TOPWRAP 5-German industry output surges, G8 frets on recoveryReuters - Thursday, July 9 Enlarge Photo Japanese bankruptcies top 8,000 in first half Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Jackson 'best father' ever, daughter tells the world Jackson mother relieved of estate on funeral eve World's oldest surviving Bible published online Miniskirts, cleavage upset male SKoreans: survey The daily grind: Sex for a week boosts sperm quality View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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