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To: craig crawford who wrote (13405)	1/20/1998 8:24:00 AM
From: Glenn D. Rudolph	Respond to of 45548

JAPANESE BANKRUPTCY DEBTS HIT POST WWII RECORD Futures World News - January 20, 1998 01:13 FINANCIAL CURRENCY STOCK ECONOMY V%FWN P%FWN Tokyo-Jan. 20-FWN/UPI--LIABILITIES OF JAPANESE corporate bankruptcies in 1997 reached their highest total in post World War II history at 14.02 trillion yen ($108.16 billion). The private research agency Teikoku Databank Ltd. reported today the figure is up 75.4% from a year earlier. The previous worst record of bankruptcies was 9.03 trillion yen ($69. 66 billion) in 1995. The number of bankruptcies with debts of 10 million yen ($77,150) or greater increased by 12.5% from the previous year to 16,365 in 1997. It was the first time in 11 years the number of insolvency cases exceeded 16,000. In 1986, the figure registered 17,476, primarily due to an economic slump caused by a strong appreciation of Japan's yen currency. According to the report, bankruptcies blamed on the flagging economy totaled 10,748 cases, exceeding 10,000 for the first time in 12 years. The total number of bankruptcies, however, does not include the collapses last year of Hokkaido Takushoku Bank (Takugin), a large provincial bank and Yamaichi Securities Co., Japan's fourth largest brokerage. Those two failures are not technically defined as bankruptcies because legal procedures for insolvency, including filing for reorganization under Japan's Corporate Rehabilitation Law, have to be carried out. Takugin's liabilities reportedly amount to some 9 trillion yen ($69. 43 billion), while Yamaichi's are said to total about 3.5 trillion yen ($27 billion). The ten failures of listed companies were the most in 32 years and the second highest number in the postwar period.