[TOKYO] Japan's biggest online retailer Rakuten Inc plans to buy a major stake in a Japanese budget airline to be established by Malaysia's AirAsia Bhd, in a renewed bid to tap one of Asia's most lucrative air markets, Japanese media reported.

A foray into the airline business could help the acquisitive Japanese company controlled by Japan's fourth-richest man, Hiroshi Mikitani, boost its online travel site that is already one of the nation's largest.

A similar strategy was pioneered two decades ago by travel company H.I.S, when it set up Skymark Airlines, which has since become Japan's leading discount carrier.