Japan Airlines is heading into the second half of 2025 with a growth-oriented outlook. International demand has been primarily driven by record inbound tourism, and the airline's domestic traffic picture remains strong. Several product-driven upgrades on long-haul aircraft (including new premium cabins) have been coupled with the expansion of the ZIPAIR Tokyo network, giving the airline additional coverage of both the top and bottom of the market.

The airline's cargo revenue picture is weaker than its pandemic peaks, but the carrier continues to generate revenue in unique ways, such as through a joint venture with Yamato Holdings. The airline's seemingly bullish growth picture does have some notable risks, primarily volatility in the yen and jet fuel prices, alongside increased regu

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