Following a surprise interest rate increase by Indonesia's central bank, the yield on the country's 10-year government bonds has climbed to its highest level in nearly four years.

The yield on the 10-year note jumped by 23 basis points to reach 7.51%, marking its highest point since 2022.

Meanwhile, the 5-year bond yield also saw a significant rise, increasing by 15 basis points to 7.49%.

In currency markets, the US dollar fell against the Indonesian rupiah, with the USD/IDR pair dropping 0.7% to 18,048.

The central bank's decision to raise rates during an unscheduled meeting was aimed at calming market volatility, a move that contributed to the strengthening of the Indonesian rupiah.