Delivering Global Macro Investment Insights

DeSaque Macro Research

DeSaque Macro Research Limited was formed by Said DeSaque in April 2012 with the view to delivering global macro investment insights aimed at providing new ideas to clients.

Said DeSaque has over 26 years of experience working as a professional economist in financial services. Prior to establishing DeSaque Macro Research, Said held positions as Senior Economist at Robert W Baird and William Blair. He began his career as a graduate at PaineWebber in 1986, where he eventually became Head of the London Economics Department.

Said takes a very keen interest in international relations, along with their implications for economic development. His research interests include the economic transformation of China and its implications for global capital markets, particularly in the United States. He is a member of Chatham House in London.

The US economy and capital markets have historically been Said’s main focus of attention. He frequently presents his views to institutional investors in diverse geographic locations. In recent years, Said has also been carefully monitoring economic developments in Asia, particularly China and Japan.

Tariffs Create New Central Bank Agendas, While Bank of Japan Faces Fiscal Policy Nightmare

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Macroeconomics

<ul>
<li>The Bank of Japan's aggressive purchasing foray in the government bond market under Governor Kuroda now presents legacy issues due to the return of inflation and investors shunning duration risk.</li>
<li>Japan's economy faces rising headwinds in 2025. The minority government has responded to slowing growth by announcing an aggressive fiscal stimulus aimed at boosting near-term activity and reducing headline inflation.</li>
<li>Unwinding of yen carry trades by Japanese investors is unlikely to impact US Treasuries significantly due to healthy demand from domestic investors. Yen-sourced global liquidity has already fallen in 2025.</li>
</ul>


The Bank of Japan's aggressive purchasing foray in the government bond market under Governor Kuroda now presents legacy issues due to the return of inflation and investors shunning duration risk.
Japan's economy faces rising headwinds in 2025. The minority government has responded to slowing growth by announcing an aggressive fiscal stimulus aimed at boosting near-term activity and reducing headline inflation.
Unwinding of yen carry trades by Japanese investors is unlikely to impact US Treasuries significantly due to healthy demand from domestic investors. Yen-sourced global liquidity has already fallen in 2025.


Bank of Japan Policy Outlook Complicated by Fiscal Stimulus and Past Policy Legacies