Benchmark Tokyo rubber futures sank for a third day to a two-week low on Wednesday, hurt by a jump in the yen and selling by investors who were concerned the market had risen too fast to a 16-month high last week. The Tokyo Commodity Exchange (TOCOM) rubber contract for November delivery finished down 1.1 yen, or 0.5 percent, at 234.7 yen ($1.91) per kg. It earlier touched a low of 234.5 yen, the lowest since May 27.
The yen hit a two-week high against the dollar after Bank of Japan Governor Haruhiko Kuroda said the real effective exchange rate showed the Japanese currency was "very weak". The most active rubber contract on the Shanghai futures exchange for September delivery rose 80 yuan to finish at 14,425 yuan ($2,324.81) per tonne. The front-month rubber contract on Singapore's SICOM exchange for July delivery last traded at 159.1 US cents per kg, up 0.3 cent.