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While the world is cutting interest rates, the Bank of Japan is going against the trend—announcing a 25 basis point rate hike, causing the yen to soar immediately and the market to plunge into chaos. Although the interest rate at 0.75% doesn’t seem high, for Japan’s economy, which has been under loose monetary policy for years, it’s a heavy punch.

Why is Japan daring to do this? Inflation has become a nightmare for the public, and the continuous depreciation of the yen is eroding purchasing power. Raising interest rates is a necessary move to stop the bleeding, but the cost is too heavy—corporate debt pressures are skyrocketing, mortgage holders need to recalculate, and the interest payments on the massive national debt are also rising.

Even more painful is the collapse of carry trade. For years, global investors have profited immensely from the low-interest environment of the yen through carry trades. Now that rates have risen, those calculations no longer add up. Short sellers are forced to close positions, exporters are lamenting the yen’s appreciation—what should have been good news has instead weakened their competitiveness.

The question is: how long can this rate hike last? Can the fiscal side support it? Is this Japan’s rebirth or will it trigger a new crisis? The underlying logic is worth deep reflection.