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Bets against Japan's megabanks soar as investors become polarised

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Even after their rally, the Tokyo-based lenders look like a bargain. They trade at an average 0.69 times book value, almost half the Topix and 35 per cent less than the MSCI World Bank Index.

Hong Kong

BEARISH bets on Japan's largest banks have swelled to a six-year high as their recent surge fuels speculation that the shares have risen too far, too fast.

Margin-account holdings that profit when shares of Mitsubishi UFJ Financial Group Inc, Sumitomo MitsuiĀ Financial

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