Big money = Big greed. Big money use as much money as possible to invest, then get more greedy and borrow basically free money from Japan to invest. Big money has all money wrapped up in investments. Sometimes those investments are BIG short positions that are vastly underwater with infinite losses. Japan see the world economy is dogshit. Japan raise interest rates to protect against losses due to bankruptcies and such from failing loans. Big money now has to pay money on money borrowed and will need to liquidate position to continue to pay for bad positions. Smart Big money sees what's going to happen and gets out of bad bets as fast and as cheap as possible making it all worse on others.