Defaults on large loans in Japanese commercial mortgage-backed securities continue to rise, accounting for 59% of the total outstanding loans at the end of April, according to Moody’s Investors Service. It represents a 17% increase from March 2010. The credit rating agency reported that none of the ¥147.6 billion ($1.83 billion) of loans that matured last month defaulted, bringing the total of defaulted loans to ¥568 billion ($7.05 billion) at end of April, up 25% from the preceding month.

Click here to read the release from Moody’s.