Originally created 08/14/04

Corporate bankruptcies in Japan down in July

TOKYO -- The number of corporate bankruptcies in Japan fell 16.8 percent to 1,151 cases in July compared with the same month a year earlier, a private credit research agency said Friday.

The decline marked the 19th consecutive month bankruptcies fell compared to the same month in the previous year, suggesting that fewer companies are going under as Japan's economic recovery boosts corporate earnings, according to Teikoku Databank.

"Corporate earnings are improving and personal consumption is picking up," Teikoku Databank said.

Debts left behind by insolvent companies fell 13.6 percent to 605.34 billion yen ($5.4 billion) this July from the previous year, the research agency said.

Temporary financial aid from Japan's public institutions is also helping to keep many small- and medium-size companies alive, Teikoku Databank said.

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