The end of Japan’s experiment in ultralow interest rates may be less of a shock to the system than feared.

Corporations are better prepared for more expensive money than they were in the past, with strong balance sheets and a better understanding of risk, while piles of savings will start to generate significant income as rates increase.

And the government, although heavily in debt, has some time to get its fiscal house in order given the average maturities of the bonds it has sold.