Japan Airlines (JAL) saw its share price rise by 31% today following reports that the Japanese government has agreed to double the airline’s state-sponsored credit line to £1.3 billion. JAL stock today on the Nikkei closed at 88 yen following the announcement, which has been viewed as a lifeline for Asia’s biggest airline by investors. Its shares decreased 30.9% last week following concerns the carrier was facing financial difficulties and could even be facing bankruptcy. JAL has already started pulling unprofitable international routes, cutting pension payments and seeking a tie-up with a foreign carrier as an ongoing restructure. It has been reported that the airline has been approached by both American Airlines and Delta Airlines about a possible deal, which would allow either carrier to expand in to the Asian market.
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