All Nippon Airways may launch budget airline by next March

Japan's All Nippon Airways Co Ltd plans to set up a low-cost Asian airline. Nikkei Business Daily reported that ANA plans to launch the low-cost airline as early as fiscal 2008, citing unnamed sources.

ANA either may create the new airline as a joint venture with another existing carrier, or acquire an existing airline, according to the Nikkei.

In addition, the report said that ANA will establish a strategy office in Hong Kong next month to conduct market research and find a local partner.