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How Mizuho is expanding its yen products business into EMEA

December 1, 2022

As the market leader in Japanese government bonds (JGB), Mizuho’s share of the yen rates product market is growing rapidly across EMEA. Trader Shinya Okamoto, who has over 10 years of experience as a JGB trader explains why the team’s domestic market record has set them up for success.

“We have the experience, track record and deep knowledge of the JGB market, and we’re now top ranked on Tradeweb and Bloomberg for JGB. What matters to our clients now is not only our ranking and our reputation, but also speed of execution and transparency, plus competitive pricing,” says Shinya.

"We have the experience, track record and deep knowledge of the JGB market, and we’re now top ranked on Tradeweb and Bloomberg for JGB"

Shinya Okamoto,
JGB Trader

Fellow JGB trader Kohei Yamate, who also brings over a decade of experience in this area points out that as one of Japan’s largest financial institutions, the bank’s considerable capital base is particularly attractive to new and existing clients.

“We are already number one during London trading hours.”

Kohei Yamate
JGB Trader

He says that, “We are expanding our business with clients in EMEA, with our JGB products driving this. In terms of e-Trading, including Tradeweb and Bloomberg, we are already number one during London trading hours.” He adds that not only is Mizuho’s price competitive with other institutions, the auto quoting facility means that they can also quote faster.

Working closely with the Yen derivatives team

Looking at the wider Yen products, the JGB team are bullish about future opportunities. They plan to collaborate closely with the Yen Swap team, led by Toshiyuki Tsuji, and intend to become the top-ranked Yen rates house.

“We believe that cross currency swaps are of interest to clients trading other Yen products.”

Toshiyuki Tsuji,
Yen Swap team

Toshiyuki elaborates: “Mizuho International has been market making on Yen swaps since 2017. For our EMEA clients, we intend to do business on both cash and derivatives as we believe that cross currency swaps are of interest to clients trading other Yen products.” He says that the team’s advantage is underpinned by their knowledge of the Tokyo market, as well as the ability to offer competitive quotes on e-Trading platforms.  With over ten year’s personal experience in the market, Toshiyuki says that great teamwork, and constantly challenging themselves to grow is the winning combination. 

Mizuho has been ranked No.1 in the JGB market during London trading hours in the fourth consecutive quarter, with a dominating market share on both BBG and TradeWeb, underlying the team’s strength.

Exceptional client service driven by data

Head of e-trading and Digital Transformation, Lu Fu says that anticipating client’s needs ensures the team can offer well-priced trades that delivers significant added value to clients. “Our market ranking on Bloomberg and TradeWeb speak for themselves. Data that can be rapidly leveraged, transparent pricing and speed of execution underpin our best-in-market offering across all yen products.”

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