Nomura, Japans largest bank has warned investors to reduce their exposure in Britain and protect themselves against the “cataclysmic” impact of Scottish Independence.

Nomura suggested the pound could fall as much as 15% if the Scottish people vote “Yes” for independence on the 18th of September. A weakening pound could cause “a run on British assets” causing the investments of ordinary people to fall. The pound is currently trading near a 10 month low against the U.S. dollar.

The “Yes” campaign faulted yesterday following the news Lloyds Bank and the Bank of Scotland will move their head office south of the border in the event of a “Yes” vote. The latest poll on Scottish Independence suggested the “No” campaign has regained momentum with 53% of the vote.