{"id":2304,"date":"2025-11-21T13:18:25","date_gmt":"2025-11-21T04:18:25","guid":{"rendered":"https:\/\/www.nomurafoundation.or.jp\/en\/?p=2304"},"modified":"2026-01-06T13:43:49","modified_gmt":"2026-01-06T04:43:49","slug":"mcrcnf20251016","status":"publish","type":"post","link":"https:\/\/www.nomurafoundation.or.jp\/en\/macro\/mcrcnf20251016.html","title":{"rendered":"New Challenges in International Trade and the Global Economic Order"},"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\t16 October 2025<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\/2025\/11\/00_20251016_ParticipantList.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\tList of Participants (PDF: 124 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\">Japanese household and corporate behavioral transformation under global supply constraint<\/span><br>\r\n\t\t\t\t\t\t\t\t\tYunosuke Ikeda, Managing Director, Head of Macro Research, 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\/2025\/11\/01_20251016_Ikeda_presentation.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 1,206 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\/2025\/11\/02_20251016_Ikeda_paper.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPaper (PDF: 878 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\">Could the Trump administration\u2019s trade policy lead to the end of US global financial dominance?<\/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\/2025\/11\/03_20251016_Butler_presentation.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 252 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\/2025\/11\/04_20251016_Butler_paper.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPaper (PDF: 521 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\">Trump's Tariff's Transforming Trade in Goods while Trapping Travel and Tourism<\/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\/2025\/11\/05_20251016_Klein_presentation.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 773 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\/2025\/11\/06_20251016_Klein_paper.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPaper (PDF: 1,189 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\">Trade fragmentation and macroeconomic spillovers: Early evidence from the 2025 U.S. policy shift<\/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\/2025\/11\/07_20251016_Darvas_presentation.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 1,562 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\/2025\/11\/08_20251016_Darvas_paper.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPaper (PDF: 991 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\">The Changing Global Trading System: Trends, Crises and Prospects<\/span><br>\r\n\t\t\t\t\t\t\t\t\tZOU Lei, Research Fellow, Foreign Economic Relations Department, Development Research Center of the State Council (DRC)\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\/2025\/11\/09_20251016_ZOU_presentation.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPresentation (PDF: 4,788 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\/2025\/11\/10_20251016_ZOU_paper.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n\t\t\t\t\t\t\t\t\t\tPaper (PDF: 609 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 16 October 2025 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-2304","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\/2304","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=2304"}],"version-history":[{"count":5,"href":"https:\/\/www.nomurafoundation.or.jp\/en\/wp-json\/wp\/v2\/posts\/2304\/revisions"}],"predecessor-version":[{"id":11282,"href":"https:\/\/www.nomurafoundation.or.jp\/en\/wp-json\/wp\/v2\/posts\/2304\/revisions\/11282"}],"wp:attachment":[{"href":"https:\/\/www.nomurafoundation.or.jp\/en\/wp-json\/wp\/v2\/media?parent=2304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nomurafoundation.or.jp\/en\/wp-json\/wp\/v2\/categories?post=2304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nomurafoundation.or.jp\/en\/wp-json\/wp\/v2\/tags?post=2304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}