Benchmark Tokyo rubber futures rebounded on Thursday, recovering from a one-week low hit earlier in the day, as short-covering kicked in after the market hit a technical resistance at 156 yen and ahead of US job data due on Friday.
The Tokyo Commodity Exchange (TOCOM) rubber contract for November delivery finished 0.5 yen, or 0.3 percent, higher at 157.7 yen ($1.45) per kg. It earlier fell to a low of 156 yen, the lowest since May 25, as the dollar hit a two-week low against the safe-haven yen, weighed down by uncertainty whether the US Federal Reserve would raise interest rates in June or July.
A stronger yen makes yen-denominated assets less affordable when purchased in other currencies.
Japanese stocks, which suffered their biggest daily percentage drop in a month on Thursday hit by a stronger yen, also added to the pressure, dealers said.
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