JAPAN

Bankruptcy Debt Sets Record: Bankruptcy debt hit a record high in the first half of 1992 as companies paid the price for excessive stock and land investments, but analysts say the figure does not accurately reflect the state of the economy. Bankruptcy debt was $27.9 billion, up 7.1% from a year ago, according to Tokyo Commerce & Industry Research Co. “The debts are huge because of the ‘bubble bankruptcies,’ ” Wako Research Institute of Economics economist Yukio Kimura said, referring to companies that went under because they engaged in stock and land speculation. “Companies which are sticking to their main businesses are different--few of those are going under.”