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Bankruptcies caused by weak yen surge 2.7-fold in 2014

  • 2015-01-08 15:00:00
  • , Mainichi
  • Translation

(Mainichi: January 8, 2015 – p. 7)

 

The number of corporate bankruptcies in Japan caused by the weak yen surged roughly 2.7 times in 2014 from the previous year to 345, Teikoku Databank, a credit research agency, said Wednesday.

 

With prices for imported raw materials soaring amid the weakening of the yen, many small companies are not passing on costs to customers, resulting in a deterioration of earnings, Teikoku Databank said.

 

Total liabilities left by the companies that went bust with debts of at least 10 million yen increased to 163.396 billion yen, according to the agency, which began compiling such data in January 2013.

 

By sector, 96 were in the transportation and communications sector, 80 in the wholesale sector and 66 in the manufacturing sector.

 

In December alone, the number of such bankruptcies rose to 44, marking a record for the fourth straight month. (Translated by Mainichi/edited by MATT)

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