Early this morning (Tuesday 29 August) North Korea fired another ballistic missile test. This time, however, the missile went over the northern part of Japan, an apparent attempt to provoke those who oppose North Korea's test program. The test did not lead to damage or injuries and broke into three pieces before plunging in the Pacific Ocean. While the world is now particularly waiting for a response from the USA, markets have already responded.

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Exports of motorcycle units from Indonesia rose sharply. Based on the latest data from the Indonesian Motorcycle Industry Association (AISI) Indonesia shipped 223,229 motorcycles abroad in the January-July 2017 period, up 35.1 percent from motorcycle exports in the same period one year earlier.

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Not only looming higher excise taxes plague Indonesia's clove farmers but also bad weather is drastically curbing clove production in 2017. I Ketut Budiman, Secretary General of the Indonesian Clove Farmers Association (APCI), said clove production may only reach 11,000 tons this year. This would be a disastrous harvest. Under normal circumstances Indonesia produces more than 100,000 tons of clove in one year.

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Reza Akbar, economist at the Institute for Development of Economics and Finance (Indef), is concerned about rising public foreign debt. Although the government and various analysts repeatedly state that Indonesia's (public) debt-to-GDP ratio is safe at a level below 30 percent, Akbar says debt should be seen in relation to government revenue.

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