All Nippon Airways would invest in airlines as part of strategy to counter Japan's declining economy

The impact on airlines of declining economies is being felt swiftly and sharply in Europe, where the fortunate face drastic measures and the unfortunate go out of business. Those that weather the storm are promised with an eventual upturn, but in Japan the situation is different where its decline is very gradual but with a shrinking economy, slowing birthrate and ageing population; Europe's challenge is cyclical if extreme but Japan's offers no guaranteed rebound.

So the challenge to its airlines is creating a structural change of business. All Nippon Airways (ANA), the country's largest carrier, has created a three-pronged strategy, the last of which is still surprising: ANA would seek to invest in foreign carriers, joining a small club of airline investors. It is something of an Armageddon day strategy, targeting overseas markets when or if its own home market is no longer enough. There is no timeframe or specific target within Asia, but ANA would seek an airline that would help it achieve 8% ROA and 10% ROE.