TOKYO – India and Indonesia aren’t often at the center of the global financial zeitgeist. But as the rupee and rupiah lead Asian currencies down and down, events in Mumbai and Jakarta speak to the ways the Iran war is imperiling economies everywhere – and at an accelerating rate.
In the two months since bombs first fell on Tehran, Asian governments have been racing to sandbag financial systems from energy supply shocks. They’ve restricted fuel use, amped up subsidies, made the biggest work-from-home pivot since the Covid-19 crisis and dispatched diplomats to secure other oil sources.
