The Air Current
• Jon Ostrower
The yen is trading at lows against the dollar not seen since the 1960s, prompting recent U.S. intervention to support the Japanese currency. The shift could have far-reaching implications for U.S. airlines benefiting from record travel demand to Japan and their Japan-related revenue prospects.
Asia-Pacific (APAC)
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The yen is trading at lows against the dollar not seen since the 1960s, prompting recent U.S. intervention to support the Japanese currency. The shift could have far-reaching implications for U.S. airlines benefiting from record travel demand to Japan and their Japan-related revenue prospects.
South Korean low-cost carrier Jin Air has added its first Airbus A321-200, expanding its fleet ahead of a planned merger with another LCC. The aircraft introduction signals fleet growth and adds an A320-family type to the carrier’s operating portfolio as consolidation proceeds.
High activity
Satellite operators and space startups are reassessing their exposure to SpaceX as Falcon 9’s role in the commercial market comes under scrutiny. At the same time, Rocket Lab’s proposed Iridium acquisition, spectrum-focused strategies and direct-to-device partnerships highlight intensifying competition across launch, connectivity and satellite services.
High activity
Korean Air has converted a preliminary agreement announced in August 2025 into a firm order for 103 Boeing aircraft, spanning the 737 MAX and 777X families. The deal is the South Korean carrier’s largest aircraft order and supports its fleet renewal and growth strategy.
High activity
Malaysia is monitoring AirAsia’s liquidity and asking Malaysia Airlines and Batik Air whether they could absorb routes if the low-cost carrier faces further financial pressure. AirAsia controls nearly 60% of domestic traffic and is reportedly nearing a $235 million equity deal while seeking more than $1 billion.
Japan’s Air Self-Defense Force confirmed that one of its three Northrop Grumman RQ-4B Global Hawks crashed in the Sea of Japan off Tottori Prefecture after the service lost contact on Sept. 15. The accident is the tenth reported loss of a Global Hawk variant.
Air Cambodia is preparing to introduce the COMAC C909, with its first two aircraft due in November 2026. The carrier’s remaining firm orders comprise two regional jets scheduled for delivery in 2027, three in 2028 and three in 2029.
Poland is pursuing additional defense cooperation with the Philippines after completing deliveries of Black Hawk helicopters to Manila last month, according to a senior Polish foreign ministry official. The effort signals Warsaw’s interest in expanding bilateral defense ties beyond the recently completed helicopter program.
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