By Jonathan Davies

Starbucks has announced plans to by its Japanese business for $914m (£559m).

Starbucks Japan isn't entirely owned by the US coffee chain. It's been a joint venture by Starbucks and Sazaby League since 1995.

It currently owns 39.5% of Starbucks Japan, but will pay $914m for the remaining 60.5% by the end of the year.

In a statement, Howard Schultz, chairman of Starbucks Coffee Company said: "Nearly 20 years ago we opened the first Starbucks store outside of North America in Tokyo's Ginza district with lines around the block.

"Japan is a market we know well and care deeply about, with more than 25,000 partners serving millions of customers every week at more than 1,000 stores."

Japan is Starbucks' second largest market in the world in terms of sales, and it has some of the most profitable cafes in the world. Despite Japan's troubled economy, Starbucks' 1,050 cafes in the country have some of the highest profit margins in the world.

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