(Bloomberg) -- Dymon Asia Capital and BlueCrest Capital Management added new hires to focus on Japan, the latest examples of the rush for talent as Asia’s second-largest economy emerges from decades of deflation.
Keisuke Hino started at Dymon as a Singapore-based portfolio manager focused on Japan currency and rates trading, according to people with knowledge of the matter and his LinkedIn profile. He left Morgan Stanley, where he was Asia-Pacific head of G-10 spot and electronic trading, earlier this month.
Daisuke Suga, formerly of Dymon, is joining BlueCrest for Japan rates volatility trading, said people familiar with his move. Representatives from BlueCrest and Dymon declined to comment.
Hedge funds including Capula Investment Management and Millennium Management have been expanding their teams trading Japanese fixed income and currency in anticipation of more profitable opportunities, as the Bank of Japan unwinds more than a decade of monetary easing. There have been more than a dozen departures from banks including Morgan Stanley and Citigroup Inc., with more expected in the coming months.
Events in recent weeks served as a reminder of the need for seasoned traders to weather and profit from the volatility that is likely to come. Japanese shares plunged, bonds rallied and the yen soared earlier this month after the Bank of Japan raised interest rates for the second time in 17 years.
The Nikkei 225 Stock Average dropped the most since 1987 at one point. Equities have since recovered after a senior BOJ official pledged not to raise rates when markets are unsteady.
In the latest twist, the yen gained against the dollar on Friday after BOJ Governor Kazuo Ueda said the central bank is still on a path toward higher interest rates, depending on the outlook for inflation and the economy.
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