Tokyo Commodity Exchange (TOCOM) futures edged lower on Monday, after giving up earlier gains, as efforts by major central banks to combat the widening economic fallout from the coronavirus pandemic failed to calm panicky investors.

TOCOM's rubber contract for August delivery finished 0.4 yen lower at 161.8 yen ($1.5) per kg, after rising to as high as 165.7 yen earlier in the session.

The most-active rubber contract on the Shanghai futures exchange for May delivery fell 15 yuan to finish at 10,310 yuan ($1,473) per tonne.

The front-month rubber contract on Singapore's SICOM exchange for April delivery last traded at 125.3 US cents per kg, down 1.5%.

The Federal Reserve cut US interest rates to a target range of 0% to 0.25% on Sunday while the Bank of Japan (BoJ) eased monetary policy on Monday by pledging to buy risky assets such as exchange-traded funds (ETF) at double the current pace. Japan's benchmark Nikkei stock average slid to its lowest in three and a half years on Monday as the BoJ's move failed to calm investor nerves.