The yield on Indonesian 10-year treasury bonds climbed to a four-year high, and the Indonesian rupiah was approaching an all-time low due to high oil prices and the risk of MSCI downgrading its stock rating. The country's 10-year Treasury yield rose 3 basis points to 7.52% on Tuesday, the highest level since November 2022. This year, the yield has accumulated a cumulative increase of more than 140 basis points, which is the highest increase among emerging markets in Asia. After several months of stabilization, the Indonesian market fluctuated again in October. MSCH plans to classify Indonesia as an independent market, triggering a sharp decline in the stock market. High oil prices also push up government subsidy spending, increasing the country's fiscal pressure.

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