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Coronavirus-linked business failures reach 500 in Japan

  • September 8, 2020
  • , Jiji Press , 5:16 p.m.
  • English Press

Tokyo, Sept. 8 (Jiji Press)–The cumulative number of corporate bankruptcies stemming from the spread of the novel coronavirus reached 500 in Japan on Tuesday, Teikoku Databank Ltd. said.

Of the bankrupt companies, restaurants made up the largest group, at 69. Hotels and “ryokan” Japanese-style inns came second and apparel retailers third.

The service sector was hit severely by self-quarantine and a drop in demand amid the virus crisis.

Total liabilities left by companies that went bust due to the epidemic, excluding two cases currently under investigation, came to 253,612 million yen.

By prefecture, the number of coronavirus-linked bankruptcies was highest in Tokyo, at 123, followed by the western prefecture of Osaka, at 54, and the northernmost prefecture of Hokkaido, at 25.

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