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One investor calling a bottom in Japanese stocks, which have been dropping like a rock.

optionMONSTER's tracking programs detected the sale of 50,000 September 8 puts in the iShares MSCI Japan Fund for $0.14. Volume was 15 times open interest in the strike, and it was the largest transaction so far today.

The trader is now obligated to buy shares in the fund for $8 if they close below that level on expiration. If it remains above that level, he or she will keep the premium and the options will expire worthless. See our Education Section.

EWJ is down 0.38 percent to $9.12 in morning trading. It's down 6 percent in the last month, compared with a 2 percent decline for the S&P 500, as investors worry the European crisis will hurt its export-dependent economy.

Last week , an investor also bought more than 100,000 September 10 calls on EWJ, looking for a rally into the summer.

Overall option volume is triple the average amount so far today.

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