Japan Airlines' loss of $1 billion (Yen99 billion) in the three months to May will take some beating even in a season of record airline losses, although Air France-KLM ran it close with a three-month loss to June of Euro612 million ($879 million).
There are particular reasons for the scale of the carrier's losses - most notably the fact the Japanese economy has been in trouble since the early 1990s, stuck in a cycle of stagnation and recession that followed the bursting of a property bubble. Japanese leisure and business traffic has never fully recovered.
Yet
Let's hope they are wrong. In the meantime, Japan Airlines appears in need of the Yen100 billion government bail-out it has been promised.
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