TOKYO, June 9 (Xinhua) -- Japan's corporate bankruptcies dropped to 1,290 in May, a decline of 1.52 percent on a year-on-year basis, said a research agency Monday.

    Although the figure marked the first downturn in five months but was the second largest in the past 12 months, said Tokyo Shoko Research.

    Bankrupted companies left a total debt of 549.79 billion yen (5.3 billion U.S. dollars), up 49.17 percent from a year earlier, said the agency, adding that it increased for a second consecutive month.

    Of the failed companies in May, 821 went bankrupt due to sluggish sales, accounting for 63.6 percent of the total, it said.