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When the Government is Less Creditworthy Than Its Corporates

Monday, December 8, 2025

Global investors favor Indonesian corporate equities over sovereign bonds. An embarrassing anomaly with no easy remedy in sight.

arsip tempo : 177077804242.

Illustration: Tempo/Lukmannul Hakim. tempo : 177077804242.

MOST analysts in global financial markets now expect the United States Federal Reserve to cut interest rates this week. In anticipation, portfolio capital has begun to move back into emerging markets. In normal cycles, Indonesia would be among the beneficiaries of that renewed appetite for risk, with the rupiah strengthening alongside the broader rally.

This time, the usual logic does not apply. There has been no flood of foreign money into Indo

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Yopie Hidayat

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