Turkey plans to enter Japanese market

Economists told AA correspondent that Turkey was holding talks with the Japan Bank for International Cooperation (JBIC) to enter the Japanese market.

They said talks with JBIC executives were progressing positively, and the Japanese welcomed Turkey's initiatives to re-enter their market.

Turkish bonds were traded in the Japanese market at the beginning of 2000s. The Turkish Treasury issued bonds worth 140 billion Japanese Yen (1.5 billion USD) within the scope of its borrowing program in 2000.

The Japanese market was closed to Turkey and developing countries after the growing risks in those markets and particularly after Argentina wanted restructuring of its debts as it could not repay them.

Japan launched a new program to re-open its market with the recent global crisis, and this time started to examine whether the applicant countries had an appropriate economic and financial structure.

The JBIC is expected to make public the conditions of the Japanese market and whether Turkey's conditions are suitable.

Japan, which closed its market to all developing countries after the crisis in Argentina, is seeking "A" rating for bond issue.

Executives say Turkey can issue long-term bonds, and JBIC can be more positive about Turkey, thanks to the rise of Turkey's rating by two levels despite the economic crisis.

Turkey forecasts to have a 9 billion USD of external debt in 2010.

/World Bulletin/