{"id":74553,"date":"2026-11-12T00:38:21","date_gmt":"2026-11-12T04:38:21","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/asia-markets-indonesia-vp-resigns-amid-political-crisis-taiwan-stocks-slide\/74553\/"},"modified":"2026-11-12T00:38:21","modified_gmt":"2026-11-12T04:38:21","slug":"asia-markets-indonesia-vp-resigns-amid-political-crisis-taiwan-stocks-slide","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/asia-markets-indonesia-vp-resigns-amid-political-crisis-taiwan-stocks-slide\/74553\/","title":{"rendered":"Asia Markets: Indonesia VP Resigns Amid Political Crisis; Taiwan Stocks Slide"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Indonesian Vice President Gibran Rakabuming Raka formally resigned<\/strong> on November 12, 2026, following a Supreme Court ruling that invalidated his educational credentials.<\/li>\n<li><strong>Taiwan\u2019s TAIEX index slid 1.2%<\/strong>, reversing earlier gains as heavyweights like TSMC (<a href=\"\/stock\/2330\">2330<\/a>) faced continued pressure following a broader 4.5% plunge earlier in the week.<\/li>\n<li><strong>Japan&#39;s 5-year bond auction saw firmer demand<\/strong> than its 12-month average, signaling improved investor confidence in the JGB market despite rising yields.<\/li>\n<li><strong>Fitch Ratings maintains stable outlooks for APAC gas utilities<\/strong>, asserting that higher procurement costs are unlikely to strain credit ratings due to robust cost pass-through mechanisms.<\/li>\n<li><strong>The EUR\/JPY pair retreated below the 177.00 level<\/strong>, approaching its nine-day exponential moving average (EMA) as the Yen found support amid shifting yield expectations.<\/li>\n<\/ul>\n<h2>Indonesian Vice President Resigns Amid Eligibility Row<\/h2>\n<p>Indonesian Vice President <strong>Gibran Rakabuming Raka<\/strong> has formally submitted his resignation to President <strong>Prabowo Subianto<\/strong> on November 12, 2026. The move follows weeks of mounting pressure after the <strong>Supreme Court<\/strong> invalidated an educational equivalency certificate used for his 2024 candidacy. The resignation comes just as 120 lawmakers from eight political parties were set to initiate a formal motion for impeachment in Parliament.<\/p>\n<p>The political exit of Gibran, the 39-year-old son of former President <strong>Joko Widodo<\/strong>, marks a significant shift in the ruling coalition&#39;s stability. While President Prabowo reportedly advised Gibran to contest the court rulings, the Vice President opted to step down to avoid a prolonged constitutional crisis. The Indonesian Parliament is now expected to begin the process of selecting a replacement to fill the vacancy.<\/p>\n<h2>Taiwan Stocks Retreat as Chip Sector Volatility Persists<\/h2>\n<p>Taiwanese equities reversed early-session gains on Thursday, with the <strong>TAIEX<\/strong> falling <strong>1.2%<\/strong>. This decline follows a period of extreme volatility where the index plummeted over <strong>1,800 points<\/strong> earlier in November. Market bellwether Taiwan Semiconductor Manufacturing Co. (<strong>TSMC<\/strong> (<a href=\"\/stock\/2330\">2330<\/a>)) remains under scrutiny as investors weigh global semiconductor demand and the fallout from the recent U.S. midterm elections.<\/p>\n<p>The broader sell-off has been exacerbated by concerns over <strong>AI infrastructure spending<\/strong> and valuation corrections in the tech sector. Despite the government&#39;s <strong>National Stabilization Fund<\/strong> being on standby with <strong>NT$500 billion<\/strong>, investor sentiment remains cautious. Analysts suggest that the market is currently testing support levels near the 40,000-point mark after retreating from October&#39;s record highs.<\/p>\n<h2>Fitch: APAC Gas Utilities Resilient to Cost Pressures<\/h2>\n<p><strong>Fitch Ratings<\/strong> reported on November 12 that higher operating and procurement costs are unlikely to lead to significant credit rating downgrades for <strong>Asia-Pacific (APAC) gas utilities<\/strong>. The agency noted that most rated entities have &quot;ample headroom&quot; in their credit profiles, supported by regulated tariff structures. These mechanisms allow utilities to pass through increased costs to end-consumers, maintaining stable EBITDA margins.<\/p>\n<p>While companies like <strong>PT Perusahaan Gas Negara Tbk<\/strong> (<a href=\"\/stock\/PGAS\">PGAS<\/a>) face higher costs due to reliance on liquefied natural gas (LNG), the sector&#39;s average net leverage is expected to remain stable at approximately <strong>1.0x<\/strong> through 2027. Fitch highlighted that natural gas remains a critical transition fuel in developing economies like China and India, ensuring resilient long-term demand despite near-term macroeconomic headwinds.<\/p>\n<h2>Fixed Income and Forex: Japan Bond Demand Rises<\/h2>\n<p>In the fixed-income market, <strong>Japan\u2019s 5-year bond auction<\/strong> on November 12 saw a bid-to-cover ratio that exceeded the 12-month average, according to Bloomberg data. The strong demand comes as Japanese households and institutional investors increase their exposure to domestic debt following a period of rising yields. The 2-year JGB yield recently hit its highest level since 2008, reflecting expectations of further policy normalization by the <strong>Bank of Japan<\/strong>.<\/p>\n<p>In currency markets, the <strong>EUR\/JPY<\/strong> pair retreated below <strong>177.00<\/strong>, nearing its nine-day exponential moving average. The Yen&#39;s modest recovery is partly attributed to a narrowing yield gap as JGB yields climb, while the Euro faces pressure from cooling growth expectations in the Eurozone. Traders are closely monitoring the 176.20 support zone for signs of a potential bullish rebound or further correction.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Indonesian Vice President Gibran Rakabuming Raka formally resigned on November 12, 2026, following a Supreme Court ruling that 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