Indonesian assets are greater than a single commentary, even when the analysis is published by a lofty name like JPMorgan. But Jakarta has taken issue with being called a “loser” under the Trump administration; the government has abruptly severed ties with the firm. Bizarre. Officials may be too sensitive to criticism. There are ugly, lingering memories of the Asian currency crisis. The finance minister was in her mid-thirties in 1998, when extreme riots tore apart the country. Things are different now. For starters, Indonesia may see a surprise infusion of Chinese cash as manufacturers look to escape Trump’s China-directed ire. Jakarta has the luxury of being more confident than ever. GDP could expand 5.5% this year, based in part on household-consumption trends. That market report may soon be irrelevant. ■
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