Investors Switch From Nikkei Divs To Index

Some macro investors have switched their preference for long strategies on Nikkei Dividends to the Nikkei cash index, buying Dec. 2014 16,500-17,500 upside call spreads with an 18,500 knock-in barrier at JPY324. The play could be funded by selling a 105% out-the-money call on the 2015 Nikkei Dividends at 2.1%.