"Obviously the currency being hammered in Japan is benefiting the exporters, so you’re still getting better Japan versus Korea...So [investors] are now looking at smaller niche trades.”

—Timothee Bousser, managing director and head of global equity flow trading for Asia Pacific at Société Générale in Hong Kong, on investors buying outperformance options or variance swaps on the Nikkei 225 against the Kospi 200.