Shares in Japan Airlines have hit a record low for the second consecutive day, 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 company.
The Enterprise Turnaround Initiative Corp - a state-backed fund - was asked in October to help the debt-laden airline. A decision is due in January.
The BBC reports Japan Airlines owes 1.5 trillion yen ($US16 billion). It has been bailed out by the government four times since 2001. It has made a loss in four of the past five years.