JAL shares plunge 8.73% as China tensions mouunt
Less than a week after relisting on the Tokyo Stock Exchange, shares in Japan Airlines (JAL) have nosedived, closing down nearly 9%.
The Japanese national carrier has slipped daily since returning to the Tokyo Stock Exchange eight days ago. The closing price two days ago was 10.42% lower than offering prices. JAL says retail investors have been dumping their holdings amidst fears over strained relations between China and Japan over the Senkaku Islands in the East China Sea.
JAL has announced it will cut the number of flights to China beginning next month, reflecting a fall in demand from tourists in both countries. At the same time, shares in rival air carrier All Nippon Airways (ANA) closed down 1.13%.