The UK Brexit vote on Thursday, 23 June, 2016, to “Leave” the European Union (EU) appeared to catch the financial markets by surprise even though the opinion polls had been warning of a very close vote. On Friday, 24 June, 2016, the British pound fell sharply, over 7%. The US S&P 500 fell over 3%, while UK stocks, European exchanges, and Japanese stocks fell much more. As Japanese and global equities declined in value, non-Japanese sellers of Japanese equities covered their FX hedges, and...
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