TheJakartaPost
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Bonds jumped and a rebound in stock markets slowed down on Wednesday after softer-than-expected US retail sales figures, while a rally in the yen has extended and might be beginning to signal a shift in investor thinking since Japan's election.
Doubling the equity limit for insurers and pension funds to 20 percent from currently 8 percent can be either a bold boost for market stability or a dangerous gamble with institutional solvency. However, "flexibility" might be a double-edged sword that threatens to undermine asset-liability matching and trigger a capital-requirement crisis.
The yield on Indonesian government bonds has climbed to its highest level in more than three months on the back of general uncertainty, fiscal worries and concerns about the independence of Bank Indonesia (BI) following the nomination of Thomas “Tommy” Djiwandono as deputy governor.
Japan should act decisively against excessive market moves, Yuichiro Tamaki, head of an influential opposition party, told Reuters on Wednesday, after a brutal sell-off of Japanese government bonds sent a chill through global financial markets.
The Japanese government will issue around 11 trillion yen (US$70 billion) in additional bonds to help fund an economic package, even as its tax revenue for this fiscal year is expected to rise to a record high.
On a day when Facebook-parent Meta's share price plunged on the heels of disappointing quarterly earnings, demand for its bonds was reportedly four times greater than supply in a market keen to hold the social networking titan's debt.
Danantara has raised Rp 50 trillion through its first so-called patriot bond, with part of the proceeds earmarked for renewable energy and waste-to-energy projects. The company expects to launch initial tenders by the end of October.
