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Bankruptcy cases decline in Japan

From Yoko Wakatsuki, CNN
Japanese bankruptices fell at its fastest level in five years.
Japanese bankruptices fell at its fastest level in five years.
STORY HIGHLIGHTS
  • Bankruptcies cases drop below 1,000 in February
  • The number of cases fell 9.4% from a year ago
RELATED TOPICS
  • Japan

Tokyo (CNN) -- Corporate bankruptcies in Japan fell to 987 cases in February -- a 9.4% drop from levels a year ago, the credit research firm Tokyo Shoko Research said Tuesday.

It was the first time in nearly five and a half years that the total has fallen below 1,000.

The February figures marked the 19th consecutive month that bankruptcies have declined on a year-on-year basis.

Tokyo Shoko said government support in financing medium- and small-sized companies helped to curb financial failures.

Compared to January, the bankruptcies in February fell by 5.1%, although overall debt increased with the $28 billion bankruptcy of a food and medical supply manufacturer Hayashibara.

CNN's Yoki Wakatsuki contributed to this report