In our Q2 and Q3 2016 outlook, we noted that the outcome of US presidential election may present significant risk to Indonesian economy, even if the odd of such risk, based on aggregated polls, is extremely low. The election of Donald J. Trump as President of the United States, therefore, triggered “Trump tantrum”, which saw the episode of large scale sell-off in emerging market and purchase of safe haven assets, such as Japanese  bonds.

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