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Bankruptcies down 9.7% in Jan.-June period

Corporate bankruptcies in Japan fell to their lowest level in 23 years between January and June. This is due to the on-going economic recovery.

Some firms went bankrupt because they were unable to find enough workers in a tightening labor market.

Analysts at private credit research firm Tokyo Shoko Research say 5,073 bankruptcies were recorded in the first 6 months of the year. That's down 9.7 percent from the same period in 2013.

The total amount of liabilities tumbled 41.4 percent to 10.4 billion dollars.

But labor shortages and rising wages put strains on many businesses, including construction companies.

Ten firms went under because they had difficulty hiring workers.

Another 10 got into financial trouble because of soaring labor costs.

Jul. 8, 2014 - Updated 09:44 UTC