October 9, 2025 | 09:55 pm
TEMPO.CO, Jakarta - Indonesian Finance Minister Purbaya Yudhi Sadewa said he has begun to see results from his first month in office as the government’s chief financial steward under President Prabowo Subianto. He officially took over the post on September 8, 2025, replacing Sri Mulyani Indrawati.
Purbaya, the former head of the Indonesia Deposit Insurance Corporation (LPS), noted that the Jakarta Composite Index (IHSG) has strengthened since he assumed office.
“When I started, the IHSG was at 7,766.8, and now it’s around 8,100,” Purbaya said at the Investor Daily Summit 2025 held at the Jakarta International Convention Center on October 9, 2025.
“Even though it’s only been a month and we haven’t achieved much yet, the results are visible. The IHSG has climbed sharply,” he said.
Purbaya also claimed that public confidence in the government has improved over the past month, pointing to a decline in street demonstrations as an indicator of renewed optimism.
“Public optimism is back. The protests have decreased. People are now busy watching TikTok and reading comments about me,” he said jokingly.
At the start of his tenure, Purbaya made headlines with a lighthearted remark that the IHSG could one day reach 36,000. He explained that the index has historically rebounded strongly after crises.
For instance, it rose from around 300 in 2001 to 2,500 in 2008, and later to 6,500 in 2018. He added that further growth would depend on improvements in global market sentiment.
Mirae Asset Sekuritas Indonesia Senior Investment Information Analyst Nafan Aji Gusta said achieving the IHSG level of 36,000 by 2035 would require extraordinary effort from the government.
“It would take tremendous work to reach that target,” Nafan told Tempo on September 18, 2025.
He said the projection is possible if the government can maintain market stability and prevent crises.
“That target is realistic if the economy can grow by 8 percent annually,” Nafan said, adding that such growth would depend on strong investment and domestic consumption.
“The government must stay fully committed to creating new sources of economic growth,” he stressed.
However, Nafan added that Mirae Asset projects the IHSG will likely stabilize around 10,500, factoring in global uncertainties such as trade wars. “I also take global uncertainties into account,” he said.
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