Japanese Credit Rating Agency increased Turkey’s rating.

“The Turkish economy has been in good shape, supported by the rise in exports mainly due to the sharp depreciation of the Turkish lira since 2001 and the recovery of domestic demand,” said JCR. Recalling that last month the International Monetary Fund approved the disbursement of a fifth loan tranche to Ankara, the statement said, “JCR has decided to remove credit monitoring from the ratings on yen-denominated bonds issued by Turkey’s government, and to simultaneously revise the rating outlook from negative to stable.”