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Bankruptcies in Japan fall but outlook bleak due to coronavirus

Courts and law firms curtailed operations, leading to 56-year low in cases last month

Saitama-based bus operator Maruken Jidosha and clothes maker Renown filed for bankruptcy in May, while noodle restaurant chain Tokyo Mimiu closed six restaurants in Tokyo and other Kanto areas in the same month. (Source photo by Kyodo)

TOKYO -- The number of bankruptcies in Japan in May fell from a year ago, bucking eight months of increases, in spite of the impact of business closures and a fall in consumption amid the coronavirus outbreak.

Financial research company Tokyo Shoko Research said the number was likely an anomaly and was expected to rise again in the months ahead. It reported that the number of companies that filed for bankruptcy dropped 55% to 314 in May from a year earlier, the smallest number in 56 years.

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