Japanese futures rise as U.S. signals pause in rate hikes
SINGAPORE, March 23 (Reuters) -
Japanese rubber futures rose on Thursday, as the U.S. Federal Reserve sought to calm markets with a shift in tone, but a stronger yen and lower oil prices weighed.
The Osaka Exchange (OSE) rubber contract for August delivery JRUc6, 0#2JRU: was up 2.1 yen, or 1.0%, at 206.5 yen ($1.58) per kg as of 0207 GMT.
The rubber contract on the Shanghai futures exchange (SHFE) for May delivery SNRv1 was down 20 yuan, or 0.17%, at 11,705 yuan ($1,707.99) per tonne.
Japan's benchmark Nikkei average .N225 opened down 0.85%. T.
The Fed raised its benchmark funds rate by 25 basis points, as expected, but dropped language about "ongoing increases" being needed in favour of "some additional" rises, as it waits and watches how wobbling confidence in banks affects the economy.
Big Japanese manufacturers remained pessimistic about business conditions for a third straight month in March, the closely watched Reuters Tankan survey showed, reflecting worry about slowing global growth that could hurt the country's export engine.
The Japanese yen JPY= rose 0.43% against the dollar to 130.90, as of 0208 GMT. FRX/
A stronger yen makes yen-denominated assets less affordable when purchased in other currencies.
Oil prices fell following three sessions of gains. O/R
Lower oil prices incentivise manufacturers to shift to synthetic rubber derived from oil, hindering the natural rubber market.
Asian shares inched higher, after the Fed hinted it could pause future interest rate hikes in the wake of turmoil in financial markets even as the central bank reiterated its commitment to fight sticky inflation. MKTS/GLOB
The front-month rubber contract on Singapore Exchange's SICOM platform for April delivery STFc1 last traded at 131.2 U.S. cents per kg, up 0.70%.
($1 = 130.9000 yen)
($1 = 6.8531 yuan )
Reporting by Carman Chew; Editing by Rashmi Aich
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