Deep Dive: "Financial Markets: Calm Before The Storm?"

Deep Dive Series
"Financial Markets: Calm Before The Storm?"
08:00-10:00 Friday, July 25, 2025
(The speech and Q & A will be in English)

Paul Sheard: Noted Australian American economist and Harvard scholar
Hung Tran: Non-resident senior fellow with the Atlantic Council’s Geo-Economics Center
Jesper Koll: Expert Director for the Monex Group and the Japan Catalyst Fund

UPDATE: We are pleased to announce a Deep Dive breakfast option (mini salad, Danish pastry, orange juice, coffee, tea), service is from 8am and ends at 8:30am when the presentations begin.

The world has moved closer to confrontation or even World War 3 in recent times with conflagrations in the Middle East and an ongoing Russia-Ukraine war while leading nations are rearming at an alarming rate - all against a background of slowing economic growth and intensifying trade and tariff wars.

Yet financial markets appear strangely unperturbed. Wall Street stocks have rebounded to record highs lately after what seemed to be a minor hiccup caused by US president Donald Trump’s “Liberation Day” levy threats, while European and Japanese stocks have also gained.

Bond markets do not appear unduly alarmed by surging fiscal deficits (not least in the US) and the prospect that these deficits can only go higher from here. Global debt generally has also risen to record highs, with increasing dependence by borrowers, including business corporations on relatively unregulated non-bank lenders. Meanwhile, the craze for crypto investments has some echoes of the subprime mortgage fever that helped trigger the 2008 Global Financial Crisis.

Gold too is rocketing in price on the back of renewed investor interest – not least by central banks that are diversifying their reserve assets in apparent preparation for liquidity-demanding interventions in potential financial crises.

So, is this the calm before the proverbial storm? To hear answers to this critical question, join our panel of renowned and time-tested experts at the upcoming Deep Dive event.

Paul Sheard: Noted Australian American economist and Harvard scholar and former Head of Global Economics and Research at Standard & Poor’s Ratings Services. Author of Wall Street Journal best-selling book The Power of Money.

Hung Tran: Non-resident senior fellow with the Atlantic Council’s Geo-Economics Center, with experience across the private sector, international organisations, and research institutions. Former senior official at the IMF and with the Institute of International Finance (IIF).

Jesper Koll: Recognized as one of the leading Japan strategists/economists, having worked as Chief Strategist and Head of Research for U.S. investment banks J.P. Morgan and Merrill Lynch. He currently serves as Expert Director for the Monex Group and the Japan Catalyst Fund

The charge, with mini salad, Danish pastry, orange juice, coffee or tea, is members and guests 2,750 yen and non-members 3,300 yen (tax included). Members and their guests may opt out of breakfast, to do so please inform staff when reserving.

Online attendance via Zoom is free for members and 550 yen (tax included) for nonmembers, payment must be received by July 23. Details on how to join online will be sent by individual email by July 24. Reservations cancelled after July 22 will be charged in full.

Deep Dive Committee