The Indonesia Stock Exchange (IDX) has responded to the optimistic outlook of Finance Minister Purbaya Yudhi Sadewa, who predicted that the Jakarta Composite Index (JCI) could reach the level of 32,000 within the next 10 years.
Purbaya also projected that the JCI may hit 9,000 by the end of 2025.

IDX President Director Iman Rachman stated that the institution has not set or specifically discussed a target figure for JCI growth. He emphasized that the index’s movement reflects the collaboration of all stakeholders contributing to the development of Indonesia’s capital market.

Iman also expressed his surprise at the JCI’s current position above the 8,000 level, describing it as a remarkable achievement that exceeded expectations and advanced faster than initially projected.

“To be honest, reaching 8,000 still feels extraordinary. We didn’t expect it would happen this year—it came even faster than projected. So what does that mean? We don’t focus solely on the index number itself, but on the efforts that create an impact on it. The JCI, in my view, is the end result. It’s not just about the number—whether 8,000, 10,000, or 32,000—but about how those results are achieved,” Iman said during the Extraordinary General Meeting of Shareholders (EGMS) held virtually on Wednesday (October 29, 2025).

Iman further explained that the JCI’s movement depends on the fundamentals of listed companies as well as global and domestic economic conditions. Therefore, IDX does not merely focus on the index growth itself but also on the underlying factors that influence it.

“The JCI is actually the outcome of various efforts, including global and domestic conditions and corporate fundamentals. It’s not enough to say the market is active; if company fundamentals are weak, the market capitalization won’t grow. There are many elements that affect the index,” he added.

Earlier, Finance Minister Purbaya voiced his optimism about the JCI’s performance. He said that investors and the market will always interpret and react to government statements and policies by adjusting their portfolios. Despite the presence of speculative “hot stocks,” he noted that many large-cap companies with strong fundamentals continue to support index stability.

Purbaya clarified that his target is not based on intuition, but on historical patterns and systematic economic calculations. He emphasized that the projection is drawn from years of experience observing market and economic cycles.

According to him, each economic cycle typically sees stock markets rise by four to five times from their lowest to highest points, a pattern that has remained historically consistent.

“That’s why the index can rise higher. When asked about the JCI’s outlook, I’d say: to the moon. This is about building optimism. By the end of this year, I project it will reach 9,000, and within the next 10 years, 32,000,” Purbaya said during the Indonesian Economists Forum held at Menara Bank Mega on Tuesday (October 28, 2025).