This Could Be A Great Big Pyramid Scheme Waiting To Unravel...

The put sellers have presumably been funding other bullish plays in their portfolio - getting into dividend payers, perhaps - for several months now.  When this all has to unravel, could the tumble match what we saw on the Nikkei yesterday?

I'm thinking of selling some puts myself - when puts on my Japanese banks get expensive enough...

That could be another repatriation strategy... maybe, sort of!