Japan's bankrupt businesses estimated to hit 11-year high in 2024

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

A grand flag-raising ceremony was held at the Tian'anmen Square on Wednesday to mark the first day of 2025, with large crowds of people watching the solemn and dignified moment for the country on the spot.

As soldiers on the Tian'anmen Rostrum blew bugles, members of the Chinese People's Liberation Army (PLA) Guard of Honor began marching toward the square, escorting a giant five-star red flag.

The ceremony unfolds as a patriotic gathering, with visitors braving the cold winter morning. They've waited hours to share this moment of national pride, in the hope of extending their wishes for the 12-months ahead.

As the sun slowly rises above the horizon, the military band began playing the Chinese national anthem, and the giant red flag was hoisted to the top of the mast.

When the red flag reached the top of the mast, the crowd at the square erupted in applause and cheers.

The band played "Ode to the Motherland". White doves, symbolizing hope for peace, were released at the ceremony.

The flag-raising ceremony is a daily routine at the Tian'anmen Square.

New Year flag-raising ceremony held at Tian'anmen Square in Beijing