Japan Airlines' shares gained after it was announced that the U.S. and Japan had reached agreement on an open-skies treaty to improve air service between the two countries by giving companies more flexibility in pricing and scheduling. "The agreement could lead to a restructuring of the airline industry," said Makoto Murayama, an analyst at Nomura Securities. "Competition between members of the same alliance will disappear, and it will encourage cuts in flights." Analysts said the deal could renew urgency in an effort by rivals American Airlines and Delta Air Lines to acquire an interest in the money-losing Japan Airlines.

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