Our Financial Columns offer analyses of subjects related to the Indonesian financial markets. Together, these columns - that also have high news value in the current state of the Indonesian economy - intend to provide a clear and detailed picture regarding the structure and performance of these markets.
The regulatory environment for crypto in the United States shifted more in 2025 than in the previous five years combined. The SEC dropped nearly all enforcement actions against crypto businesses that had been building under the prior administration.
In recent months, we already looked at the performance of benchmark stock index (the Jakarta Composite Index, or IHSG) with some suspicion. While foreign investors recorded a ‘net sell’ (meaning foreign investors sold more Indonesian stocks than they bought), the IHSG reached all-time highs from September 2025 to mid-January 2026. It was as if the IHSG had suddenly become immune to global conditions.
Crypto no longer a niche technology but an influential component of modern Forex trading. Conventional Forex markets are based on fiat pairs such as USD/EUR or GBP/JPY. However, the advent of digital currencies such as Bitcoin, Ethereum, and other altcoins has created many opportunities in decentralized technologies.
A remarkable transition occurred in Indonesia’s bond market, specifically referring to the ownership of Indonesian government bonds (Surat Berharga Negara, or SBN). Whereas one decade ago foreign investors held nearly 40 percent of this debt paper, this figure tumbled to 13-14 percent in the present.
