Tokyo rubber futures rose on Friday after the yen stumbled against the dollar due to what appeared to be massive intervention by the Japanese authorities, jolting the rubber market from its doldrums ahead of a long weekend.
The benchmark June 2004 rubber contract on the Tokyo Commodity Exchange settled up 1.5 yen per kg at 143.8.
Other months finished up by 0.4 yen to 1.3 yen. "The rise today was all to do with the currency market intervention," a Tokyo broker said.
The market was very thin prior to the intervention, as players had been wary of new positions ahead of the three-day weekend, he said.
TOCOM will be closed on Monday for a public holiday to mark Coming-of-Age Day.
The dollar was fetching 107.00/7.03 yen, against 106.15/16 yen at about the same time on Thursday.
The US currency rose to 108.30 yen its highest level against the Japanese currency since December 15 after the apparent intervention by Japanese authorities.
Turnover in TOCOM rubber was estimated at 6,996 lots, compared with 9,660 lots on Thursday and 10,076 lots on Wednesday. Open interest stood at 63,376 lots as of the end of Thursday, versus 63,177 lots on Wednesday and 63,582 lots on Tuesday.
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