Corporate failures see rise of 2.9%

The number of corporate bankruptcies climbed 2.9 percent year on year to 1,203 in August, up for the fifth straight month, a private research agency said Wednesday.

The failed firms left a total of ¥870.47 billion in debts, up 113.62 percent and the highest monthly figure so far this year. The rise was partly attributable to the failure of major real estate firm Azabu Buildings Co., which left debts of ¥564.8 billion, Tokyo Shoko Research said.

The figures cover firms that collapsed with debts of ¥10 million or more.

The monthly total topped the 1,200 mark for two straight months for the first time since April 2004, although the total is relatively low in light of past monthly data, it said.