What’s Good for U.S.-China-Japan Hurts Emerging Markets

What’s good for the global economy’s superpowers risks creating losers in other parts of the world.

Signs that the Federal Reserve is preparing to curtail its stimulus are boosting interest rates abroad as well as in the U.S. The strictest credit squeeze in China in at least a decade threatens to erode a pillar of international growth. Japan’s reflation push is lifting the exchange rates of trade rivals and luring capital.