Around the World's Markets: Indonesia

JAKARTA stocks closed sharply lower after the yen dived. The key composite index closed down 3.4 per cent at 405.06. The index has now fallen by around 16 per cent since late July.

After the market closed, news that Indonesia had begun to reschedule debt depressed prices on European bourses. Rumours that the country had defaulted on sovereign loans proved incorrect, but analysts drew attention to the country's poor credit ratings.