TOKYO, March 9 (Xinhua) -- The number of corporate bankruptcies in Japan rose 11.3 percent in February from a year earlier to 851, the highest level for the month in 13 years, as businesses continued to face pressure from labor shortages and rising prices, local media reported Monday.
A total of 47 companies cited labor shortages as a factor behind their bankruptcies, exceeding 40 for the first time in five months. Meanwhile, inflation triggered 69 bankruptcies, marking a year-on-year increase for the third consecutive month, Kyodo News reported, citing a survey released by Tokyo Shoko Research.
Industries that rely heavily on labor were hit hardest by higher costs stemming from worker shortages, with construction, shipping, and food services accounting for a large share of the business failures.
Bankruptcies among eateries reached 83 in February, up more than 30 percent from a year earlier.
Total liabilities in February dropped 22.2 percent from the previous year to around 133.1 billion yen (about 839 million U.S. dollars). Over 80 percent of the bankrupt firms reported liabilities of less than 100 million yen. ■