Moving charges create a magnetic field (think of current in a wire). Do changing magnetic fields create an electric field? The answer is yes and Faraday's law describes exactly what happens. A changing magnetic field induces a current in a conductor. Similarly, if a conductor moves in and out of the field, the same effect and is described by Faraday's law: a changing magnetic flux (magnetic field times cross-sectional area) induces an emf (a voltage) which causes a current in a closed loop. Lenz's law (which is part of Faraday's law) tells you that the induced current flows in a direction to oppose the change in flux.