There were 731 corporate bankruptcies in May, up from 614 cases reported in the same month of last year, said a Teikoku Databank official who spoke on condition of anonymity.

Debts that insolvent companies left behind last month jumped 17 percent to about ¥684 billion, from around ¥584 billion in May 2005, according to a recent Teikoku report.

The amount of debts in May hit a record for this year. The economy has been stuck in stagnation since the late 1980s but has been showing signs of a recovery in recent years.

Corporate failures in the wholesale industry and real estate continued to remain relatively high, according to Teikoku.

The Japan Times Weekly: June 24, 2006
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