Indonesia, long in the market's crosshairs for its faltering economy and dependence on oil prices, had an unlikely backer as recently as August: Japanese investors.
Data released on Thursday showed Japanese investors purchased about $1 billion worth of rupiah-denominated bonds in August. That is the highest number on record, Morgan Stanley estimates.
Korea was another country whose bonds Japanese investors gobbled up in record numbers: roughly $800 million.
Here is a chart from Morgan Stanley showing the extent of the purchase of Indonesian debt in August: