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New Challenges in International Trade and the Global Economic Order
Macro Economy Research Conference
16 October 2025
The Okura Prestige Tower, Tokyo
List of Participants (PDF: 124KB)
Program
Opening Remarks
Koji Nagai, President, Nomura Foundation
Morning Session
Moderator: Tetsuya Kamiyama, Managing Director, Nomura Institute of Capital Markets Research
Japanese household and corporate behavioral transformation under global supply constraint
Yunosuke Ikeda, Managing Director, Head of Macro Research, Nomura Securities
Could the Trump administration’s trade policy lead to the end of US global financial dominance?
Creon Butler, Director, Global Economy and Finance Programme, Chatham House
Afternoon Session
Moderator： Chi-Hung Kwan, Senior Fellow, Nomura Institute of Capital Markets Research
Trump's Tariff's Transforming Trade in Goods while Trapping Travel and Tourism
Aaron Klein, Miriam K. Carliner Chair and Senior Fellow, Economic Studies, The Brookings Institution
Trade fragmentation and macroeconomic spillovers: Early evidence from the 2025 U.S. policy shift
Zsolt Darvas, Senior Fellow, Bruegel
The Changing Global Trading System: Trends, Crises and Prospects
ZOU Lei, Research Fellow, Foreign Economic Relations Department, Development Research Center of the State Council (DRC)
