Number of bankruptcies in Japan rises for the first time in three years

3,141 businesses filed for bankruptcy between April and September 2022, up 6.9 percent from the same time last year. Another underlying issue was the difficulty of enterprises to pay back the money that had been given to them by the government as aid during the coronavirus outbreak, in addition to rising commodity costs and the devaluation of the yen.

One of the biggest producers of auto parts, Marelli Holdings Co., is among the biggest businesses that have started the bankruptcy process.

In comparison to the first half of fiscal year 2021, which ended March 31, 2022, total indebtedness increased dramatically to 1.74 trillion yen (about $11.7 billion).

source: kyodonews.net