Corporate bankruptcies soar in Japan

The number of corporate bankruptcies in Japan is soaring.

A day after news that Japan was technically back in recession, comes news that the number of companies going bankrupt soared more than 50 per cent.

That is the biggest February bankruptcy total on record.

Among the big firms to go belly up last month were a medium-size supermarket chain and a big suburban housing developer.

They have tossed in the towel despite a government-guaranteed lending scheme costing about $300 billion.

Yesterday, Japan's Minister in charge of Economic Planning said he thought the worst was over in Japan.

He said he was prepared to use the word "recovery" for the first time.

www.abc.au.com

-- Carl Jenkins (Somewherepress@aol.com), March 14, 2000