{"id":2207,"date":"2024-12-12T09:00:12","date_gmt":"2024-12-12T00:00:12","guid":{"rendered":"https:\/\/www.nomurafoundation.or.jp\/en\/?p=2207"},"modified":"2026-01-06T14:22:52","modified_gmt":"2026-01-06T05:22:52","slug":"mcrcnf20241212","status":"publish","type":"post","link":"https:\/\/www.nomurafoundation.or.jp\/en\/macro\/mcrcnf20241212.html","title":{"rendered":"Transformation of the Balance of Payments and Capital Flows"},"content":{"rendered":"\t\t\t<section class=\"content\">\r\n\t\t\t\t<div class=\"section_content_wrap\">\r\n\t\t\t\t\t<h3 class=\"h3_title\">\r\n\t\t\t\t\t\tProgram Overview\r\n\t\t\t\t\t<\/h3>\r\n\t\t\t\t\t<p class=\"page_text\">\r\n\t\t\t\t\t\tMacro Economy Research Conference<br>\r\n\t\t\t\t\t\t31 October 2024<br>\r\n\t\t\t\t\t\tThe Okura Prestige Tower, Tokyo\r\n\t\t\t\t\t<\/p>\r\n\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2024\/12\/20241031_Macro_ParticipantList.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\tList of Participants (PDF: 123 KB)\r\n\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t<\/div><!--\/.link_fuchi-->\r\n\t\t\t\t<\/div><!--\/.section_content_wrap-->\r\n\t\t\t\t<div class=\"section_content_wrap\">\r\n\t\t\t\t\t<h3 class=\"h3_title\">\r\n\t\t\t\t\t\tProgram\r\n\t\t\t\t\t<\/h3>\r\n\t\t\t\t\t<dl class=\"midashi_bold_list\">\r\n\t\t\t\t\t\t<dt>\r\n\t\t\t\t\t\t\tOpening Remarks\r\n\t\t\t\t\t\t<\/dt>\r\n\t\t\t\t\t\t<dd>\r\n\t\t\t\t\t\t\tKoji Nagai, President, Nomura Foundation\r\n\t\t\t\t\t\t<\/dd>\r\n\t\t\t\t\t<\/dl>\r\n\t\t\t\t\t<dl class=\"midashi_bold_list\">\r\n\t\t\t\t\t\t<dt>\r\n\t\t\t\t\t\t\tMorning Session\r\n\t\t\t\t\t\t<\/dt>\r\n\t\t\t\t\t\t<dd>\r\n\t\t\t\t\t\t\tModerator: Tetsuya Kamiyama, Managing Director, Nomura Institute of Capital Markets Research\r\n\t\t\t\t\t\t\t<div class=\"square_gray\">\r\n\t\t\t\t\t\t\t\t<p class=\"page_text\">\r\n\t\t\t\t\t\t\t\t\t<span class=\"bold\">Issues surrounding Japan\u2019s balance of payments and the impact on the yen foreign exchange rate<\/span><br>\r\n\t\t\t\t\t\t\t\t\tTakashi Miwa, Executive Economist, Nomura Securities\r\n\t\t\t\t\t\t\t\t<\/p>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2024\/12\/01_20241031_Miwa_presentation.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 775 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2024\/12\/02_20241031_Miwa_paper.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPaper (PDF: 528 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div><!--\/.square_gray-->\r\n\t\t\t\t\t\t\t<div class=\"square_gray\">\r\n\t\t\t\t\t\t\t\t<p class=\"page_text\">\r\n\t\t\t\t\t\t\t\t\t<span class=\"bold\">Current account surpluses, capital flows, and the challenge of raising investment in the European Union<\/span><br>\r\n\t\t\t\t\t\t\t\t\tZsolt Darvas, Senior Fellow, Bruegel\r\n\t\t\t\t\t\t\t\t<\/p>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2024\/12\/03_20241031_Darvas_presentation.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 786 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2024\/12\/04_20241031_Darvas_paper.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPaper (PDF: 1,177 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div><!--\/.square_gray-->\r\n\t\t\t\t\t\t<\/dd>\r\n\t\t\t\t\t<\/dl>\r\n\t\t\t\t\t<dl class=\"midashi_bold_list\">\r\n\t\t\t\t\t\t<dt>\r\n\t\t\t\t\t\t\tAfternoon Session\r\n\t\t\t\t\t\t<\/dt>\r\n\t\t\t\t\t\t<dd>\r\n\t\t\t\t\t\t\tModerator\uff1a Chi-Hung Kwan, Senior Fellow, Nomura Institute of Capital Markets Research\r\n\t\t\t\t\t\t\t<div class=\"square_gray\">\r\n\t\t\t\t\t\t\t\t<p class=\"page_text\">\r\n\t\t\t\t\t\t\t\t\t<span class=\"bold\">How Mechanisms of Quantitative Easing Impact Capital Flow, Inflation, and Perception of The Economy<\/span><br>\r\n\t\t\t\t\t\t\t\t\tAaron Klein, Miriam K. Carliner Chair and Senior Fellow, Economic Studies, The Brookings Institution\r\n\t\t\t\t\t\t\t\t<\/p>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2024\/12\/05_20241031_Klein_presentation.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 3,964 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2024\/12\/06_20241031_Klein_paper.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPaper (PDF: 4,959 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div><!--\/.square_gray-->\r\n\t\t\t\t\t\t\t<div class=\"square_gray\">\r\n\t\t\t\t\t\t\t\t<p class=\"page_text\">\r\n\t\t\t\t\t\t\t\t\t<span class=\"bold\">Capital Flow Volatility and the Future of International Policy Coordination<\/span><br>\r\n\t\t\t\t\t\t\t\t\tCreon Butler, Director, Global Economy and Finance Programme, Chatham House\r\n\t\t\t\t\t\t\t\t<\/p>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2024\/12\/07_20241031_Butler_presentation.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 294 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2024\/12\/08_20241031_Butler_paper.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPaper (PDF: 563 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div><!--\/.square_gray-->\r\n\t\t\t\t\t\t\t<div class=\"square_gray\">\r\n\t\t\t\t\t\t\t\t<p class=\"page_text\">\r\n\t\t\t\t\t\t\t\t\t<span class=\"bold\">China's Balance of Payments: Recent Shifts, Driving Factors, and Outlook<\/span><br>\r\n\t\t\t\t\t\t\t\t\tFei SUN, Director and Research Fellow, International Finance Research Office, Research Institute of Finance, Development Research Center of the State Council\r\n\t\t\t\t\t\t\t\t<\/p>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2024\/12\/09_20241031_SUN_presentation.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 1,107 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<div class=\"link_fuchi\">\r\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nomurafoundation.or.jp\/include\/img\/2024\/12\/10_20241031_SUN_paper.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPaper (PDF: 416 KB)\r\n\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t<\/div><!--\/.square_gray-->\r\n\t\t\t\t\t\t<\/dd>\r\n\t\t\t\t\t<\/dl>\r\n\t\t\t\t<\/div><!--\/.section_content_wrap-->\r\n\t\t\t<\/section><!--\/.content-->","protected":false},"excerpt":{"rendered":"Program Overview Macro Economy Research Conference 31 October 2024 The Okura Prestige Tower, Tokyo List of Par [&hellip;]","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12,6],"tags":[],"class_list":["post-2207","post","type-post","status-publish","format-standard","hentry","category-macro_conference","category-macro"],"_links":{"self":[{"href":"https:\/\/www.nomurafoundation.or.jp\/en\/wp-json\/wp\/v2\/posts\/2207","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nomurafoundation.or.jp\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nomurafoundation.or.jp\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nomurafoundation.or.jp\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nomurafoundation.or.jp\/en\/wp-json\/wp\/v2\/comments?post=2207"}],"version-history":[{"count":3,"href":"https:\/\/www.nomurafoundation.or.jp\/en\/wp-json\/wp\/v2\/posts\/2207\/revisions"}],"predecessor-version":[{"id":11288,"href":"https:\/\/www.nomurafoundation.or.jp\/en\/wp-json\/wp\/v2\/posts\/2207\/revisions\/11288"}],"wp:attachment":[{"href":"https:\/\/www.nomurafoundation.or.jp\/en\/wp-json\/wp\/v2\/media?parent=2207"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nomurafoundation.or.jp\/en\/wp-json\/wp\/v2\/categories?post=2207"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nomurafoundation.or.jp\/en\/wp-json\/wp\/v2\/tags?post=2207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}