Japan Airlines shares touched a record low for the second day running, falling 24% from Tuesday's price to 67 yen.The drop followed more reports that the carrier would file for bankruptcy as part of a revival plan.
Last week, Finance Minister Hirohisa Fujii said the state would not give the airline any more loans.
Japan Airlines has rival offers from American Airlines and Delta to buy a stake in the firm. A bankruptcy filing would make a deal more complicated.
The Enterprise Turnaround Initiative Corp - a state-backed fund - was asked in October to help out the debt-laden Japan Airlines.
A decision is due in January.
Japan Airlines is less efficient than its rival All Nippon Airways and is struggling with 1.5 trillion yen of debt ($16bn; £10bn). It has been bailed out by the government four times since 2001.
It has made a loss in four of the past five years.
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