Japan Airlines, famous for serving Aruga Branca Clareza wine and haemorrhaging cash, has blipped on the buy-out radar for months. US peers American Airlines and Delta Air Lines are both fighting to partner the carrier in some form to build Pacific exposure, in spite of the target’s precarious financial position. But now private equity firm TPG is in discussions about perhaps joining any deal with AA, a One World alliance partner of JAL. At a time when the private equity industry is reeling from bad returns, airlines would be a surprising investment.

The US airlines’ strategic interest in JAL is clear. An “open skies” policy between the US and Japan should soon be agreed, easing access to airports for the countries’ carriers on both sides of the Pacific. American Airlines in particular has very little exposure to the region. But they must be willing to assume some financial burden – JAL’s loss last quarter was Y100bn and the Japanese transport ministry rates it as insolvent.