According to TSR data for the first half of fiscal 2026, corporate bankruptcies involving liabilities of ¥10 million or more reached 5,373, and the number of bankruptcies of long-established companies founded 100 or more years ago reached 112 as the upward trend is expected to continue.
The wave of corporate bankruptcies in Japan is accelerating. In the first half of fiscal 2026 (April–September), bankruptcies involving liabilities of ¥10 million or more reached 5,373, up 3.8% from the same period a year earlier and the highest level since fiscal 2013. Total liabilities associated with the bankruptcies were approximately ¥856.169 billion, a substantial 23.5% increase from the same period a year earlier.
The number of bankruptcies among long-established companies founded more than 100 years ago reached 112 from January through August. Forecasts indicate that the annual figure is expected to exceed 160, making it highly likely that the record set in 2024 will be surpassed.
By sector, services had the highest number at 1,828 cases, followed by construction at 1,035. Among long-established companies, there were 34 manufacturing bankruptcies, 24 in wholesale and 22 in retail. Rising costs and labor shortages are placing pressure on the survival of small and midsize companies. Bankruptcies caused by labor shortages reached 240 in the first half, up 17.1% year on year, while those attributed to rising prices reached 436, up 17.8%.
Higher funding costs resulting from BOJ rate hikes are also having an impact, and there is growing speculation that increased interest payments are weighing heavily on corporate production and profitability. Bankruptcies resulting from difficulties in finding successors reached 263, surpassing the previous record since 2024.
Differences in long-term management practices have been cited as a factor behind the accelerating exit of long-established companies. Structural pressure on their survival is expected to continue as economic normalization progresses.