Business / Corporate

Japan's bankruptcy tally at 51 as pandemic destroys commerce

Jiji

The coronavirus crisis has triggered 51 bankruptcies so far, Tokyo Shoko Research Ltd. said Friday.

The survey by the credit research company covers COVID-19 related failures that left liabilities of ¥10 million or more in Japan.

The 51 failures took place in 28 prefectures, with seven in Hokkaido, six in Tokyo, four in Hyogo, and three each in Osaka and Fukuoka.

By industry, hotels and restaurants were hit hardest, with 12 hotels failing and seven eateries going belly up. The retail sector is also starting to see failures due to the drop in customers caused by governments' "stay at home" requests, the research firm said.

At first, many virus-linked failures were related to the plunge in tourists, but the ripple effect is now affecting other industries gradually, a Tokyo Shoko Research official said.

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