Japan Airlines (JAL) has cut its full-year forecast to a record operating loss of ¥420 billion (US$4 billion). The new forecast is worse than all previous estimates and reflects the deteriorating situation in Japan from COVID-19 restrictions. JAL expects demand on domestic flights to fall this month to around 20% of levels seen a year ago, or less than a third of what it had predicted before the latest wave of coronavirus infections. Passenger numbers on international routes are at 5% of pre-pandemic levels. JAL is raising ¥183 billion through a new stock offering equivalent to 30% of its existing shares.
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