Pandemic-related bankruptcies hit 1,500

New figures reveal that 1,500 companies in Japan have gone under due to the coronavirus pandemic since February of last year.

Credit research firm Teikoku Databank says the businesses have either already declared bankruptcy, or closed down to prepare for liquidation proceedings.

The dining industry has been the hardest-hit, with 250 businesses failing. It is followed by construction with 140, and accommodation with 89.

Monthly totals have been rising since January. That's when the second coronavirus state of emergency started for the Greater Tokyo Area.

Teikoku Databank says the effects on dining and accommodation companies are spreading to related industries. When one hotel shutters, small and mid-sized contractors specializing in repairs and electrical work often also have to close.

The research firm adds the number of bankruptcies could climb even higher now that a third state of emergency for Tokyo and other areas looks set to be extended.