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The market’s interest in trading options on the 225-issue Nikkei average on the Tokyo Stock Exchange has dropped to its lowest in more than a decade amid waning demand for protection against volatility.

Total open interest on the blue-chip gauge plunged to 1.1 million contracts on Dec. 11, its lowest since May 2009, according to data compiled by Bloomberg. The figure was little changed at about 1.2 million contracts as of Wednesday. In October, trading volume for call and put options on the Nikkei slid to 14,428 contracts on Oct. 26, its lowest in 19 years.

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