In good news coming out of Japan today, Bloomberg reported that Japanese corporate bankruptcies fell in 2009 for the first time in four years.
Bankruptcies dropped 1.1% in 2009 and they slid 16.6% in December from a year earlier as improved consumer demand, the improved credit environment on the back of Government credit support for small businesses. The latter was marked by an easing of credit conditions and bank lending attitudes for a third quarter according to the Tankan survey. However, the export fuelled nature of the recovery benefits larger companies with smaller companies reliant on faltering domestic demand. Small firms said they expect business conditions to deteriorate by March compared with December, while their larger peers expect conditions to keep improving, the Tankan showed.
The situation in 2009 rebounded from 2008 which recorded an 11% increase, which was the biggest increase in 8 years, during the credit shock and Japan's worst postwar recession.
Ironically, this news emerges as JAL slides towards becoming Japan's 6th largest ever bankruptcy.
http://www.bloomberg.com/apps/news?pid=20601101&sid=axHMJcVlW1QE
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