ISTANBUL—Turkey's economy, struggling under dwindling demand and investment from Europe amid the chronic debt crisis embroiling its biggest trading partner, is getting a shot in the arm from an unlikely source: Japan.
Bilateral trade jumped 25% last year to a record $4.6 billion, while the number of Japanese companies opening offices in Istanbul hit 120 this year. No prior-year figures were available.
Japanese lenders are lining up to bid for Turkish banking licenses or entering joint ventures with local finance houses to profit from the booming consumer-lending market.
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