TOKYO: Japanese rubber futures tanked on Thursday on concerns that the continuing microchip shortage would delay a recovery in car production and that fresh restriction by some countries to curb the spread of the Omicron coronavirus variant will hurt the global economy.

Osaka Exchange’s rubber contract for May delivery finished down 7.8 yen, or 3.3%, at 228.7 yen ($2.0) per kg after touching the lowest since Nov. 19 at 225.4 yen.

The rubber contract on the Shanghai futures exchange for May delivery fell 245 yuan to finish at 14,375 yuan ($2,259.86) a tonne.

Volkswagen AG’s Americas chief expects the global chip shortage to last into the third quarter of next year.