• Rubber, little changed, may climb for a third day, as the yen retreated from

a 15-year high against the dollar on Japan’s first intervention in the currency

market since 2004.

Futures in Tokyo advanced to the highest level in almost a week after

earlier declining by as much as 0.9 percent. The appeal of yen-denominated

contracts increased as the Japanese currency declined from the highest level

since May 1995.

• Finance Minister Yoshihiko Noda confirmed Japan acted to stem the yen’s

rally that threatened to stunt the nation’s export-led economic recovery.

The step came a day after Prime Minister Naoto Kan was re-elected as head

of Japan’s ruling party. The Nikkei-225 Stock Average rallied as much as

2 percent, led by exporters such as Canon Inc. and Toyota Motor Corp.

• The yen was at 84.78 to the dollar after earlier trading at 82.88, the highest

since May 1995. Bank of Japan Governor Masaaki Shirakawa said today in

a statement that he hopes the intervention will stabilize the foreign exchange

market

• Oil extended its decline after an industry report showed U.S. crude

stockpiles rose and as Enbridge Energy Partners LP said it expected to

finish welding a replacement section into a pipeline that was shut last week.

March-delivery rubber on the Shanghai Futures Exchange dropped 0.5 percent to

25,525 yuan ($3,789) a ton 

By

Sangeeth. C .Cherian