The implications of the referendum will become clear in stages . In the immediate term, markets will react negatively to the results. The pound has already fallen by over 10 percent against the dollar and is on track for its worst single-day decline in 45 years. Outside the United Kingdom, emerging market currencies and oil prices are also dropping, and stock exchanges around the world are likely to follow, with money moving into havens such as the Japanese yen and gold. In recent days, markets had reacted optimistically to opinion polls saying the "remain" campaign would prevail. This suggests that their reaction in the coming days could be particularly hard. Japan's Nikkei index, for example, has already suffered its worst single-day fall since the Fukushima incident in 2011.