Bankruptcy filings rise in Japanese business. There was a time when Japanese business was booming. In the 1970’s and 1980’s the Japanese economy could do no wrong. American companies and workers were on the losing end from Japanese imports. Times have certainly changed. China and South Korea have stepped in. They have taken over many of the imported goods in our country. This has caused Japan to suffer. The situation has gotten worse for Japan business. Small business in Japan has really felt the brunt of the problems. Prime minister Shinzo Abe took office in 2012. He launched a package of policy reforms. Since those policies began, the yen has gone down about forty percent against the U.S. dollar. This has eroded the profits of Japanese business. Small business cannot take the losses like the large corporations. 345 businesses have blamed the fall of the yen and filed bankruptcy. This was more than twice the amount of business bankruptcies filed in 2013. This has hit working people hard too. Because of the bankruptcy filings, 5,270 people have lost their jobs. The odds are they will have to visit a bankruptcy attorney as well. Yen related bankruptcies have risen every month since September. If the economy does not improve, there are more dark days ahead for Japan. The Yen’s fall cannot be permitted to continue. If it does, more businesses will run out of money. When that takes place, debts will not be getting paid. The companies will be forced to contact bankruptcy lawyers. Bankruptcy filings will keep going up and employees will continue losing jobs. Many in the country hope the Prime Minister will reverse his policies. They are praying the yen will gain value. That really is the country’s best chance to pull out of their slump. In the meantime, bankruptcy lawyers will continue the hard work so debts can be dealt with.
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