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Market Scramble: Tokyo investors hedging against no-Brexit rally risk

TOKYO -- The growing momentum for supporters of a Brexit suggests that Japanese shares could tumble in the wake of the referendum, but investors are increasingly preparing for a possible rebound should the U.K. vote to stay in the European Union.

Market players are chattering about the growing stockpile of call options on the Nikkei Stock Average for July delivery. The balance of calls -- which gives a holder the right to buy shares -- with an exercise price of 18,500 reached 21,343 contracts Thursday. The rise was notable in particular because the benchmark plummeted 485.44 points to 15,434.14 that day.

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