(Bloomberg) -- JPMorgan Chase & Co. hired Hiroki Kimakura from Goldman Sachs Group Inc. to head Japanese government bond trading in Tokyo, as activity picks up in the country’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 JGBs 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. 

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