SINGAPORE: Japanese rubber futures ended marginally higher on Wednesday, after touching a near three-year low earlier, as a weaker yen offset a raft of disappointing economic data from China.
Osaka Exchange’s rubber contract for January delivery finished 0.4 yen, or 0.2%, higher at 195.6 yen ($1.35) per kg, barely eking out gains for a second consecutive session, but remained near a two-year low. The rubber contract on the Shanghai futures exchange for January delivery fell 50 yuan to finish at 12,755 yuan ($1,748.05) per metric ton.
Japan’s benchmark Nikkei average closed 1.46% lower. As the yen slid past 145 per dollar with barely a murmur from Japanese policymakers during recent days, suspicion grew that they won’t be as quick to order intervention as they were last year, as they now reap some benefits from a weaker currency.
A softer yen makes assets dominated by the currency more affordable for overseas buyers. Big Japanese manufacturers and service-sector firms signalled improved business morale in August, a monthly Reuters poll showed.
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