# Japan’s Heavy Metal PM + Political Threats to Markets + China’s Sad Horse

Page: https://stenobird.com/podcast/the-spillover-7704010/japan-s-heavy-metal-pm-political-threats-to-markets-china-s-sad-horse
Text version: https://stenobird.com/podcast/the-spillover-7704010/japan-s-heavy-metal-pm-political-threats-to-markets-china-s-sad-horse.md
Podcast: [The Spillover](https://stenobird.com/podcast/the-spillover-7704010)
Published: 2026-02-12T21:50:02+00:00
Episode link: https://thespillover.podbean.com/e/japan-s-heavy-metal-pm-political-threats-to-markets-china-s-sad-horse/
Audio file: https://mcdn.podbean.com/mf/web/cjgj2cc7f84yj7g6/021226_Spillover0202_MASTER_V2.mp3
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JSON: https://stenobird.com/v1/public/podcasts/the-spillover-7704010/episodes/japan-s-heavy-metal-pm-political-threats-to-markets-china-s-sad-horse
Duration seconds: 2301

## Resource

This episode examines the “Fragile Four” economies—the United States, the United Kingdom, Japan, and France—and why politics is increasingly spilling into financial markets. After a long stretch where markets largely shrugged off political volatility, an “age of inflation” coupled with high debt, aging demographics, rising defense spending, and anxious populations across the Fragile Four are making markets more reactive to political shocks. We break down what’s driving the shift and why cracks are appearing now. Hosts: Sebastian Mallaby, Paul A. Volcker Senior Fellow for International Economics, Council on Foreign Relations (CFR) Rebecca Patterson, Senior Fellow, Council on Foreign Relations (CFR) Mentioned on the Episode: “Accidental ‘crying horse’ toy wins hearts in China,” Reuters “Economic Anxiety Is a Global Problem,” Gallup Want to keep up with The Spillover? Sign up to receive an email alert when new episodes are released! The Spillover is a production of the Council on Foreign Relations. The opinions expressed on the show are solely those of the hosts and guests, not of the Council, which takes no institutional positions on matters of policy.

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## Transcript

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