When I joined Nomura, my Japanese trainee asked me if I knew any good Japanese FX traders. “No. Sorry,” I replied. “I don’t.”
His reply startled me. “That’s because Tom-san (Tom Eliot, our boss) says there aren’t any.” It used to be a standard joke in FX. The Japanese were rightly feared for the volumes they used to suddenly pump into the market, but few dealers were ever respected for their prowess. I know of one who, when things went wrong, asked why he couldn’t put his loss into the bank’s pension fund.
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