Japanese corporate bankruptcies continue to decline in 2018

TOKYO, Jan. 15 (Xinhua) -- The number of corporate bankruptcies in Japan with debts over 10 million yen (92,168 U.S. dollars) fell by 2.0 percent in 2018 compared to the previous year, reaching its lowest level in 28 years, a Japanese credit research agency revealed Tuesday.

The number of such business failures dropped to 8,235 in 2018, the 10th consecutive year of decrease, according to Tokyo Shoko Research.

The main reason lies in Japanese banks' more flexible rules in extending deadlines of debt repayment, the agency said.

However, the agency also estimated that the number might increase in 2019 amid Japan's serious labor shortages.