Number of bankruptcies in Japan reaches its highest in nine years

By Alimat Aliyeva

The number of bankruptcies in Japan in fiscal year 2023, which ended on March 31, 2024, increased by 30% compared to the level a year earlier and was the largest in nine years, Azernews reports, citing the Teikoku Databank research institute.

Thus, 8,881 companies began the bankruptcy process in the period from April 1, 2023 to March 31, 2024, which is 30.6% higher than in fiscal year 2022.

The statistics take into account only companies whose debts exceed 10 million yen (about 66 thousand dollars).
The main reason for such a significant increase in the number of bankruptcies is considered to be the end of the regime of relief and benefits introduced in connection with the coronavirus pandemic, and the inability to repay loans for many companies.