During the holiday break, US President Donald Trump’s tariffs — and a subsequent retaliation by China — trigged a sharp sell-off in risk assets, leading to a rout across Asia.
Indonesia’s financial markets tumbled on reopening from a long holiday during which markets across the world sank in response to rising tariffs.
Indonesian stocks dropped more than 9% as trading resumed for the first time since March 27 before slightly recovering after a 30-minute halt. The rupiah fell as much as 1.8% versus the US dollar, closing in on a record low, while bonds slumped.
