Complex LCC strategy. Rather than a strategy, ANA's approach to the LCC movement has been more reactive and has evolved incoherently. ANA has not one but two low-cost carrier part subsidiaries: Peach Aviation and Vanilla Air. Peach was ANA's first LCC (ANA has a minority interest) while ANA felt compelled to partner with Malaysia's AirAsia Group to create AirAsia Japan.
If ANA had not partnered with AirAsia, AirAsia would have likely pursued a partnership with Skymark, leading ANA to conclude it was to better to cannibalise its business itself rather than let another party do so. AirAsia Japan's failure (partially ANA's fault, exhibiting concern about cost discipline and international experience) lead to ANA taking over AirAsia's share, taking on full ownership of the LCC and re-branding it Vanilla Air.
There could have been greater synergies (and performance of Vanilla) had ANA permitted Peach to take over Vanilla. Further, preliminary traffic data indicates ANA has been more impacted than JAL by LCC growth.