SINGAPORE: Japanese rubber futures steadied on Wednesday, as a softer yen and upbeat domestic retail sales offset weaker Tokyo equities and concerns over the auto sector.
The Osaka Exchange rubber contract for December delivery finished up 0.2 yen, or 0.1%, at 259.4 yen ($1.91) per kg, after hitting its highest since June 13 at 261.0 yen earlier in the session.
Japanese retail sales rose for a third month in May, reinforcing views that strong consumption will lead an economic rebound this quarter, although strong inflation poses a risk to household spending for the rest of 2022. The dollar traded at 136.16 yen against 135.39 yen on Tuesday afternoon in Asia. A weaker yen makes yen-denominated assets more affordable when purchased in other currencies.