Singapore-based hedge fund Astignes Capital Asia has appointed seasoned Japan rates trader Chiga Murayama as a portfolio manager, according to a report by Bloomberg citing regulatory records filed with the Monetary Authority of Singapore.
Murayama joined Astignes after most recently working at Polymer Capital Management. The firm reportedly did not respond to a request for comment.
Competition for experienced yen rates professionals has intensified as Japan’s fixed-income markets undergo a significant transformation. The re-emergence of inflationary pressures and evolving monetary policy expectations have revived trading opportunities across the country’s approximately $7.2tn government bond market, attracting heightened interest from global hedge funds.
The trend has prompted several notable recruitment moves in recent months. Millennium Management is expected to bring back Ralph Shu as a senior portfolio manager focused on yen rates strategies, according to people familiar with the matter.
Market participants say demand for proven Japan rates talent remains robust, with firms willing to back traders who have experienced periods of underperformance if they possess deep expertise in the asset class.
Murayama has spent much of his career trading Japanese government bonds (JGBs). During his time at BlueCrest Capital Management, sharp volatility in bond yields in 2024 adversely affected his strategy, ultimately resulting in the closure of his team. He subsequently joined Polymer Capital later that year.
Interest in JGB trading has increased as long-dated yields have climbed to levels not seen for decades. Investors continue to assess the outlook for inflation, government borrowing and the Bank of Japan’s policy path, with markets weighing the possibility of further interest-rate increases in the near term.
