The number of bankrupt Japanese businesses in 2024 is estimated to exceed 10,000, reaching the highest level since 2013, according to survey data released on Saturday.
During the January-November period, a total of 9,164 companies went bankrupt in Japan, as was shown by data from the Japanese corporate credit survey institution Tokyo Shoko Research (TSR).
In the first 11 months of the year, bankruptcies in Japan increased by 16.2 percent compared with the same period last year, with total debt nearing 2.15 trillion yen (about 13.6 billion U.S. dollars), the TSR data said.
The number of bankrupt companies in the country was 10,855 in 2013, but has been staying below 10,000 since then.
In addition, over 70 percent of the companies that went bankrupt have debts of less than 100 million yen (633,416 U.S. dollars), and most of the bankruptcies this year have been among small and micro businesses.
The slow recovery in domestic demand and rising prices, along with increased debt and labor shortages, are placing heavy burdens on these businesses, TSR's survey report suggested.
Japan's bankrupt businesses estimated to hit 11-year high in 2024
Starting this year, the China International Fair for Trade in Services (CIFTIS) will feature a fixed schedule and venue, with a focus on showcasing cutting-edge technologies such as AI and humanoid robots, as announced during Thursday’s press conference in Beijing.
The 2025 CIFTIS will be held from Sept 10 to 14 at the Shougang Park in Beijing. This year's fair will highlight the latest trends in service trade development and will hold a global service trade summit, exhibitions, forums, business negotiations, achievements releases, among other supporting activities.
"In order to further stabilize the expectations of exhibitors and visitors, starting from this session, the CIFTIS will be held annually on the Wednesday of the second week of September, lasting for five days. The venue will also be permanently fixed at the Shougang Park," said Yin Liang, deputy director of the Beijing International Trade in Services Affairs Center.
Australia, as the guest of honor, will form the largest service trade delegation since the launch of CIFTIS.
Over 30 countries and international organizations, including Norway, Japan, and the World Intellectual Property Organization, have expressed their intention to set up exhibitions and hold events. Among them, Canada will participate for the first time by setting up an online exhibition under its government's name.
"In terms of thematic exhibitions, this year's CIFTIS will continue the nine major themes from previous years while aligning with the development trends of service trade. The focus will be on showcasing solutions in the service trade sector, highlighting technologies and applications such as AI and humanoid robots, and promoting Chinese service products and brands," said Yin.
Beijing's CIFTIS unveils schedule, venue for future editions
