Market Pulse
Edisi Monday, March 9, 2026
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Market Pulse
The Shrinking Sources of Government Debt
Indonesia’s bond market is sending a warning signal. Investor appetite for government debt is fading just as the state’s borrowing needs surge.
Edisi Monday, March 2, 2026
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Market Pulse
Terminating ART Could Spare Prabowo
A trade deal sold as “reciprocal” binds Indonesia with hundreds of obligations. Walking away may be Prabowo’s safest political exit.
Edisi Monday, February 23, 2026
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The High Stakes of a US-Iran War
A US attack on Iran could tear a hole in Indonesia’s budget and currency stability. Jakarta will pay—through inflation, debt, or both.
Edisi Monday, February 16, 2026
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A Growing Threat of Policy Inconsistency
Policy inconsistency, not fiscal math, is now Indonesia’s biggest investment risk. When rules shift without warning, capital quietly walks away.
Edisi Monday, February 9, 2026
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The Risks of Ignoring Moody’s Warning
Moody’s already sounded the alarm. Indonesia is choosing denial over discipline.
Edisi Monday, February 2, 2026
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When Foreign Pressure Forces Stock Market Reform
MSCI just put Indonesia’s stock market on probation. Fix the free-float fakery, or get dumped into frontier status.
Edisi Monday, January 26, 2026
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The Unraveling of Our Central Bank’s Independence
Rupiah is sinking as the government dodges fiscal reality. Now it is also eroding the central bank’s independence.
Edisi Monday, January 19, 2026
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Beware Diverging Movements in Stocks and the Rupiah
Stocks are partying while the rupiah is calling an emergency. When the correction arrives, it will be severe.
Edisi Monday, January 12, 2026
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Growth on Paper, Stagnant Revenue in Reality
Headline growth is no longer translating into fiscal strength. The risk of a rating downgrade is lingering.
Edisi Monday, January 5, 2026
