UPDATE 1-Japan May corporate bankruptcies -1.5 pct yr/yr

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TOKYO, June 9 (Reuters) - Japanese corporate bankruptcies in May fell 1.5 percent from a year earlier but stayed high overall as construction firms laboured due to a drop in public works and surging building materials costs, a research firm said on Monday.

Tokyo Shoko said that while the number of bankruptcies fell for the first time in five months to 1,290 cases, it was the second-highest figure in the past 12 months.

The combined debt of the firms that failed rose 49.2 percent to 550 billion yen ($5.26 billion) as the number of bankruptcies involving debts of 1 billion yen or more increased to 79 cases, up from 68 a year earlier, the firm said.

Tokyo Shoko also said two listed firms failed in the month: amusement facilities operator Arisaka Co Ltd 2328.Q and textile maker Tosco Co 3304.T.

Compared with the previous month, the number of bankruptcies was up 6.2 percent and the amount of bankruptcy debt fell 23.4 percent, the firm said. ($1=104.52 Yen) (Reporting by Taiga Uranaka)