2010 was a landmark year for Japan's aviation industry: The government inked an open skies accord with the U.S. in October to further liberalize their civil aviation markets, and during the same month Tokyo's Haneda airport opened a new international terminal.

The bar was also lowered for foreign airlines to fly to domestic airports, including low-cost carriers that have the potential to alter the landscape of the nation's aviation industry, analysts say.

Following are basic questions and answers about budget carriers and their expected impact on Japan's aviation market.