Japanese markets look to be bouncing back - but it could be too early to say global panic has eased

Japan's Nikkei had a record fall yesterday - sending shockwaves into other markets.

It's rebounded - to now sit almost nine percent up.

Markets analyst, Matt Goodson, says Japan's recent rate hike will hit international borrowers - like Australia and the US.

He says now all of a sudden they have to pay more to borrow the money, and pay it back in more expensive yen - so the carry trades are being unwound.