SINGAPORE: Japanese rubber futures sustained gains for five straight sessions on Tuesday, as heightened confidence in the domestic stock market outweighed automotive demand concerns.
The Osaka Exchange (OSE) rubber contract for June delivery closed up 1 yen, or 0.37%, at 272.5 yen ($1.85) per kg. The rubber contract on the Shanghai Futures Exchange (SHFE) for May delivery fell 170 yuan, to finish at 13,535 yuan ($1,888.28) per metric ton.
The Bank of Japan kept ultra-low interest rates intact in a widely expected move. It cut its near-term inflation outlook but revised up its forecast for fiscal 2025 to 1.8% from 1.7%.
Tokyo markets have benefited from offshore funds fleeing China and signs that Washington’s restrictions on tech sales to Beijing are leading to more business investment in Japan.
Japan’s benchmark Nikkei average closed down 0.08%. It rallied as much as 1.2% to 36,984.51 during the session, a level not seen since February 1990.
The Japanese yen strengthened 0.7% to 147.11 against the dollar. Toyota Motor has been suspending production at two plants in northern Japan since Jan. 19 to check some production processes, the Yomiuri newspaper reported. Tesla’s will be reporting results on Wednesday, days after sharp price cuts and announcement of a production pause at the Berlin factory.
India has not made up its mind on cutting import taxes on EVs under a new policy proposed for carmakers that commit to local manufacturing, a top government official said.
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