The number of bankrupt Japanese businesses in 2024 is estimated to exceed 10,000, reaching the highest level since 2013, according to survey data released on Saturday.
During the January-November period, a total of 9,164 companies went bankrupt in Japan, as was shown by data from the Japanese corporate credit survey institution Tokyo Shoko Research (TSR).
In the first 11 months of the year, bankruptcies in Japan increased by 16.2 percent compared with the same period last year, with total debt nearing 2.15 trillion yen (about 13.6 billion U.S. dollars), the TSR data said.
The number of bankrupt companies in the country was 10,855 in 2013, but has been staying below 10,000 since then.
In addition, over 70 percent of the companies that went bankrupt have debts of less than 100 million yen (633,416 U.S. dollars), and most of the bankruptcies this year have been among small and micro businesses.
The slow recovery in domestic demand and rising prices, along with increased debt and labor shortages, are placing heavy burdens on these businesses, TSR's survey report suggested.
Japan's bankrupt businesses estimated to hit 11-year high in 2024
Chinese tourists are returning to Thailand in large numbers, providing a welcome boost to the country's tourism sector, as holidaymakers from China to the Southeast Asian nation are up by nearly 30 percent.
After a decline in Chinese travelers to Thailand over the past two years, numbers have surged this year, offsetting a slump in arrivals from the Middle East due to conflict, higher fares and fewer flights.
In the first week of May, which included China's May Day holiday from May 1 to 5, arrivals from China were up by 28 percent year on year, with a total of almost 135,000 visitors, an average of more than 19,000 per day, according to a report released by Bangkok financial consultants FSS Investment Securities.
Chinese travelers accounted for 22 percent, more than a fifth of all foreign tourist arrivals, approaching figures not seen since before COVID-19.
Rena Yu, a Chinese tourist, said she is drawn by the "many different cultures" and local cuisines in Thailand.
"More and more people around us visit here and they had a very wonderful experience. So, it makes we (us) go (come) here to visit," said Liu Xiaojing, another Chinese tourist.
While the number of non-Chinese visitors was down by nine percent overall, primarily due to unrest in the Middle East, those from China outperformed the market, providing a major boost to Thailand's tourism sector.
"It's very helpful for the tourism industry in Thailand because of the situation in the Middle East. And lately, we're really improving in numbers from Chinese tourists. Because last year, we faced declining in the Chinese market of around 30 to 40 percent from the previous year," said Thienprasit Chaiyapatranun, executive director of the Thai Hotels Association.
Thai officials have worked to reassure Chinese visitors that the country is a safe destination after concerns over security and reports of illegal employment scams.
"After the visitation of the royal family, I mean the king, to China last year, late of last year, that is the turning point of the coming-back of the Chinese tourists, because they thought about the relationship is stronger than before, I mean, in every level, not only the government, but also the people-to-people [level] as well," said Sirigesanong Trirattanasongpol, executive director of East Asia at the Tourism Authority of Thailand.
It seems to have been successful, with Chinese visitors expected to remain a key driver of growth in the Thai tourism sector for the rest of the year.
Surge in Chinese tourists provides major boost to Thai tourism sector
