From seekingalpha

Delta Air Lines has a Japan problem • 2:25 PM
• Wolfe Research sees some turbulence for Delta Air Line (DAL -1.3%) in Japan and its big bet on Seattle as a gateway to Asia.
• The company got caught short when the Japanese government opened up the downtown Tokyo airport to U.S. airlines which lessened the value of its Narita hub. That impact keeps getting worse.
• The carrier is also quarreling with Asian partner Korean Air, while rivals United Continental and American Airlines strike more strategic deals in the region.
• Delta is also more susceptible than other U.S. airliners to a weak yen.