Goldman Sachs Group has hired Akira Otani, the former chief economist at the Bank of Japan, bolstering its research team as global investors increasingly focus on the Asian country and its retreat from years of monetary stimulus.
Otani has joined the Wall Street bank’s Tokyo-based securities division as a senior economic adviser for Japan and managing director, according to a statement Tuesday. His appointment comes months after the firm’s former chief economist, Naohiko Baba, joined Barclays.
Japan is in the international spotlight as it moves closer to overcoming decades of deflation while accelerating revisions to boost corporate profits. Economists are debating when the central bank will raise interest rates again after ending its negative interest rate policy in March. Otani has more than 30 years of experience as an economist and holds a master’s degree in economics from the University of Rochester.
Otani was most recently the BOJ’s chief economist and director-general of the Research and Statistics Department. Before that, he headed the Financial Markets Department, where he oversaw bond purchases and other market operations.
“Otani-san’s extensive experience and deep insight into the Japanese economy will be invaluable to our clients at a time when global investors are focusing on the BOJ and its path to monetary policy normalization,” said Jan Hatzius, Goldman Sachs chief economist and head of global investment research, in the press release.
Goldman Sachs led major investment banks that posted higher profits in the country last year as bond trading expanded, providing a buffer in an otherwise tough global environment. Net profit at Goldman Sachs Japan rose to ¥39.2 billion ($244 million), the highest in 14 years, according to an annual filing.
