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About 400 Japanese companies went bankrupt due to COVID-19 economic impact - Reports Japan Economy

About 400 Japanese companies went bankrupt due to COVID-19 economic impact - Reports

India Blooms News Service | @indiablooms | 03 Aug 2020, 03:58 pm

Tokyo/Sputnik: The number of companies that went bankrupt in Japan due to the situation with COVID-19 has reached 400, the NHK broadcaster reported on Monday, citing the data by Teikoku Databank consulting firm.

The highest number of bankruptcies was observed in restaurant business and hospitality sector — 54 and 48, respectively. A total of 95 companies went bankrupt in Tokyo, while the figure stands at 41 in Osaka.

The state of emergency was effective in Japan for a month and a half until the end of May and it negatively affected various businesses. At the same time, the broadcaster noted that Japan's carmakers were returning to pre-crisis production levels for the domestic market.

The number of COVID-19 cases in Japan nears 40,000, with over 1,000 deaths. Last week, the country updated its daily record of new cases three times with 1,260 cases reported on Wednesday, 1,305 on Thursday and more than 1,500 on Friday.

The Japanese government refrains from declaring the second lockdown, saying that the increase in new infections is linked to stepped up testing.