Shares in Japan Airlines plunged to a record low of 5 yen (US 6 cents) on Monday, ahead of an expected bankruptcy filing.
The BBC reports bankruptcy is expected as part of a government bail-out likely to be announced on Tuesday.
JAL lost about $US1.5 billion in the six months to September. The company has debts of more than 1 trillion yen and is now worth $US150 million - less than the price of a new jumbo jet.
The company's stock reached a high of 366 yen a share in 2003. Investors are now likely to lose most of their money.