Japan's COVID-Induced Business Failures Up 49% in August

Coronavirus-induced business failures in Japan rose 49% in August to 121 from a year earlier amid a fourth wave of COVID infections, Nikkei Asia reported. Analysis from research specialist Tokyo Shoko Research published Wednesday found that the total number of coronavirus-induced bankruptcies from January to August reached 1,026, accounting for around 26% of all business failures in Japan over the period. The restaurant and bar businesses have been hit hardest. Of all the bankrupt businesses, 204, or 20%, were restaurants and bars, which saw revenues plummet due to bans on serving alcohol and restrictions on the movement of people during Japan's on-off state of emergency. There were 138 coronavirus-induced bankruptcies in July alone. The number has remained above 100 since January. Read more.