JAPAN

Total Business Debt, Bankruptcies Soar: For 1995, total debts were up 64.1% to $87.1 billion, the highest level ever, and the number of bankruptcies climbed to 15,108, the highest level since 1986, a report by the Tokyo Commerce and Industry Research Co. The private research company blamed the January 1995 Kobe earthquake and a string of financial-sector failures for the increases. There were more bankruptcies in nearly all industrial sectors than in 1994. Debts were highest in the financial sector. A high yen, tight-fisted consumers and other problems contributed to the rise in bankruptcies, the report said.