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JR East raises another $3.8bn as ridership slump continues

Rail operator takes on debt and curbs capital spending to cope with coronavirus

JR East's revenue for longer trips fell as much as 95% in May due to the coronavirus outbreak.   © Reuters

TOKYO -- East Japan Railway has raised 410 billion yen ($3.8 billion) in April and May to shore up finances as ridership continues to hemorrhage due to the novel coronavirus outbreak, the rail operator serving Tokyo said Tuesday.

The company, also known as JR East, tapped its bank overdraft arrangement to the tune of 260 billion yen and borrowed an additional 150 billion yen, President Yuji Fukasawa told reporters.

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