NOT "TOO BIG TO FAIRU"

BANZAI7 NEWS—Japan Airlines Corp.'s expected bankruptcy filing could wipe out shareholders, cause the value of its bonds to plummet, and alter global investor attitudes toward stale sushi.

Until now, shareholders had believed that Japan had a governmental safety net and would prop up ailing companies indefinitely. Blue-chip companies such as JAL were thought to be "too big to fairu."

JAL is scheduled to file for bankruptcy following Tuesday's 3 p.m. Tokyo stock-market close.

"If investors can no longer assume some form of 2big2fairu governmental safety net when investing in Japan, then we have to assume that this would ultimately be reflected in significantly wider corporate spreads from stale sushi than have been the norm to date," said BNP Paribas chief credit analyst Mana Nakazoramanathisislongnami.

"If investors can no longer assume some form of government safety net when investing in Japan, then we have to assume that this would ultimately be reflected in significantly wider corporate spreads than have been the norm to date," said BNP Paribas chief credit analyst Mana Nakazora.