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JPMorgan Hires Goldman’s Kimakura to Head Yen Rates Trading

Signage is displayed outside of JPMorgan Chase & Co. headquarters in New York.

(Bloomberg) -- JPMorgan Chase & Co. hired Hiroki Kimakura from Goldman Sachs Group Inc. to head yen rates trading in Tokyo, as activity picks up in Japan’s $7.3 trillion sovereign debt market. 

Kimakura recently joined JPMorgan’s Tokyo securities subsidiary as managing director and head of Japan fixed-income trading, overseeing transactions in Japanese government bonds and yen interest-rate derivatives, according to a company representative. His predecessor Yoichi Takemura left the US’s largest bank several months ago to join hedge fund firm Garda Capital Partners. 

Trading in Japanese sovereign bonds has become a more profitable business in recent quarters, fueling competition among financial firms to hire traders from rivals as Bank of Japan policy changes create volatility. JPMorgan Securities Japan Co. also recruited Hiroki Kawahara earlier this year from hedge fund Alphadyne Asset Management for yen rate swaps trading. 

“In a very competitive market, these strategic hires demonstrate our firm’s strong commitment to Japan and our continuous efforts to better serving our clients,” JPMorgan said in an emailed statement. 

Kimakura previously worked at Goldman Sachs as managing director after a stint at hedge fund Hawksbridge Capital. He had an earlier stint at JPMorgan’s yen rates options desk from 2014 to 2018. 

JPMorgan is among the biggest foreign investment banks operating in Japan. The firm’s local securities unit saw its profit fall 32% to ¥18.8 billion ($122 million) in the year ended March 31.

(Updates with background on earnings in the last paragraph and clarifies headline and first paragraph to say Kimakura will head yen rates trading.)

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