Japan Airlines Co. posted its biggest quarterly net loss in at least eight years and decided to forgo paying an interim dividend as it contends with the devastating impact of the coronavirus, Bloomberg News reported. The carrier’s first-quarter loss was 93.7 billion yen ($890 million), the most since it re-listed on the Tokyo stock exchange in 2012 after emerging from bankruptcy. Since then, it only posted one other quarterly loss; in January-March of this year. The Covid-19 outbreak has damaged the aviation industry globally and forced airlines into unprecedented cutbacks.

Japan is trying to both contain a resurgence of the coronavirus outbreak and support the economy, especially the tourism sector, according to Chief Cabinet Secretary Yoshihide Suga, Bloomberg News reported. Striking a balance is “extremely difficult,” Suga said Sunday on public broadcaster NHK, adding the government is helping businesses avoid bankruptcies through virus relief measures such as special loan programs. The government will maintain a travel campaign that excludes Tokyo to support domestic tourism, a key growth driver for regional economies, he added.

Bank of Japan Deputy Governor Masayoshi Amamiya said the central bank will not rule out deepening negative interest rates as part of efforts to cushion the economic blow from the coronavirus pandemic, Reuters reported. But he said the BOJ must be vigilant to the cost of any such steps, warning that excessively low rates could hurt financial institutions’ profits and discourage them from lending. “When considering additional easing steps, we must be mindful than ever before of their potential side-effects,” Amamiya told a news conference on Wednesday.

Takeda Pharmaceutical Co is looking to cut sales jobs in Japan in its latest restructuring effort, as it overhauls domestic business following its $59 billion purchase (45.67 billion pounds) of Shire Plc, sources familiar with the company’s plans said, Reuters reported. Major pharma companies in Japan have scaled down their sales forces to cope with a shrinking market and cuts in drug prices imposed by the national health system.

Nissan Motor Co warned of a record $4.5 billion (3.49 billion pounds) operating loss this year and its lowest sales in a decade as the COVID-19 pandemic hampers its turnaround efforts, Reuters reported. Japan’s No.2 carmaker is battling to recover from a rapid expansion that has left it with dismal margins and an ageing portfolio, as well as revive its alliance with Renault that was rocked by the arrest of long-time boss Carlos Ghosn.

The Olympic cauldron will remain unlit and its stadium empty on Friday as the virus-triggered postponement of the Tokyo Games leaves disappointed fans wondering if it’s still worth holding on to tickets and hotel operators fretting over thousands of vacant rooms, Bloomberg News reported. Japan will still mark the day originally scheduled for the opening ceremony with a national holiday.

Bank of Japan policymakers debated the risk of the country sliding back into deflation but stopped short of advocating stronger steps to prevent firms from going insolvent due to the coronavirus pandemic, minutes of their June meeting showed, Reuters reported. With the impact of COVID-19 likely to last for a prolonged period, more companies could face the risk of insolvency even if they received immediate liquidity support, some on the BOJ’s nine-member board were quoted as saying.

Minimalist lifestyle brand Muji’s U.S. subsidiary has filed for Chapter 11 bankruptcy protection, its Japanese owner Ryohin Keikaku Co said on Friday, joining the list of casualties from the coronavirus pandemic, Reuters reported. Ryohin Keikaku said Muji aims to close unprofitable stores and renegotiate rents in the United States, where its 18 stores have been closed since mid-March due to the pandemic. The outbreak has inflicted widespread financial pain on global retailers, leading many such as J. Crew Group and Brooks Brothers to file for bankruptcy protection.

Bankruptcies among Japanese companies in the first half of the year rose for the first time in 11 years due partly to the coronavirus pandemic which has hit hotel and restaurant businesses, according to data compiled by a research firm. Tokyo Shoko Research, which tracks Japanese bankruptcies, said there were 4,001 cases in the six months through June, up 0.2 percent from a year earlier. Among them, 240 firms went bankrupt due to the coronavirus pandemic, the research firm said.

Japan’s industrial output fell for a fourth straight month in May to the lowest level since the global financial crisis and the jobless rate hit a three-year high, underscoring the broad economic pain caused by the coronavirus, Reuters reported. The world’s third-largest economy is bracing for its worst postwar recession, hurt by coronavirus lockdown measures at home and overseas that have upended supply chains, kept businesses shut and depressed consumer spending.