Popular U.S. coffee chain Starbucks is reportedly buying out its Japanese partner in a deal that costs $914 million (£559 million). The buyout will offer the company more control over operations and decisions. 

Since 1995, Starbucks Japan has been a joint venture between the famous franchise and Sazaby League. Starbucks aims to buy the 60.5 percent stake of the Japanese unit. It seeks to close the deal before the year ends. 

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The Asian country is Starbuck's second biggest market when it comes to sales. In addition, it has some of the coffee chain's highest grossing cafes. 

Starbucks Coffee Company Chairman Howard Schlutz said in a statement, "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."

Once the company claims full ownership of the coffee chain, it will be able to control and manage business opportunities including the expansion of its product sales through other retail businesses and outlets. Starbucks currently owns a small market share for its canned coffee products, as well as ready-to-drink products, in Japan. 

The famed coffee chain has 1,050 cafes in the Asian country. Despite Japan's slow economic growth, the profit margins of the cafés are among the world's highest. 

The third largest economy in the world is currently thriving to get back on track when it comes to the race in economic growth. The country has suffered nearly two decades of sluggish growth due to falling prices known as deflation. 

The rise in sales tax from 5 percent to 8 percent in April also affected consumer confidence. According to reports, the government will decide the necessity of implementing a further increase to 10 percent next year.

TagsStarbucks, Sazaby League