The Indicator from Planet Money

How one small change in Japan could sway U.S. markets

You've heard of the butterfly effect, right? A seemingly small action causes ripples in unexpected ways elsewhere. So, what would it mean if Japan's central bank raised interest rates on its 10-year government bonds, which have been near zero percent since 2016? For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Learn more about sponsor message choices: <a href="https://podcastchoices.com/adchoices">podcastchoices.com/adchoices</a> <a href="https://www.npr.org/about-npr/179878450/privacy-policy">NPR Privacy Policy</a>

A little show about big ideas. From the people who make Planet Money, The Indicator helps you make sense of what's happening today. It's a quick hit of insight into work, business, the economy, and everything else. Listen weekday afternoons. Try Planet Money+! a new way to support the show you love, get a sponsor-free feed of the podcast, *and* get access to bonus content. You'll also get access to The Indicator and Planet Money Summer School, both without interruptions. sign up at plus.npr.org/planetmoney