TOKYO, Feb. 10 (Xinhua) -- The number of corporate bankruptcies in Japan hit the highest in 11 years as rising prices and labor shortages weighed on business operations, research data showed Monday.
Companies with liabilities of at least 10 million yen (about 65,720 U.S. dollars) that underwent legal liquidation totaled 830 last month, rising 18.6 percent from the same period last year and marking the 33rd consecutive month of year-on-year growth, according to private research firm Teikoku Databank.
The most affected industries were the service sector with 218 cases, retail with 179 cases, and construction with 170 cases, as rising costs and labor shortages continue to take their toll.
Teikoku Databank predicts that bankruptcies will continue to increase gradually, noting that many companies are concerned about the potential impact of U.S. trade policies. ■
