TOKYO: Japanese rubber futures rebounded on Wednesday, snapping a four-session losing streak and edging higher, as the yen weakened against the dollar.
The Osaka Exchange (OSE) rubber contract for June delivery was up 3 yen, or 0.87 percent, at 348.9 yen (USD2.21) per kg. The rubber contract on the Shanghai Futures Exchange (SHFE) for May delivery rose 135 yuan, or 0.86percent, to 15,745 yuan (USD2,260.98) per metric ton.
The most active March butadiene rubber contract on the SHFE climbed 395 yuan, or 3.43percent, to 11,915 yuan per metric ton. The yen slumped following a selloff after Japanese Prime Minister Sanae Takaichi called for snap election for February 8 and pledged a wave of measures to loosen fiscal policy.
Even though the greenback languished near three-week lows, the yen slipped slightly against the dollar at 158.19. A weaker Japanese currency makes yen-denominated assets more affordable to overseas buyers. However, a fall in oil prices could curb upsides for rubber.
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