Japan managed it from a less developed condition, so as long as they started with modernization and industrialization by 1880 or so at the latest they might have been able to get to Japan levels of development by the 30s. Although their focus would naturally be more on land and air than naval forces given the history of invasions of their territories.
Yes, Japan got an earlier start than Turkey, and received quite a bit of assistance from the UK. However, it's economy more resembled North Korea's, with everything devoted to the military. Although their navy was about as large as America's, their economy was about 1/5 the size. When the real war began in 41, they couldn't really step it up the way the US could.