TEMPO.CO, Jakarta – Bank Indonesia (BI) Governor Perry Warjiyo stated that the value of local currency transactions (LCT) between Indonesia and Japan as of July 2025 has reached US$5.1 billion or approximately Rp82.9 trillion (exchange rate of Rp16,255 per U.S. dollar). Perry made the statement during the launch event of the Indonesia-Japan Quick Response Code Indonesian Standard (QRIS).
“Today, Bank Indonesia and Japan agreed to further develop local currency transactions. Local currency transactions between Indonesia and Japan have become the second largest after China,” Perry said in Jakarta, as quoted from a live YouTube broadcast by Bank Indonesia on Monday, August 25, 2025.
Along with the launch of QRIS in Japan, Perry mentioned that LCT is now integrated with digital payment systems.
The Indonesia-Japan LCT itself has been implemented since 2020. Perry stated that the majority of local currency transactions are driven by export and import activities. However, with the integration of LCT and QRIS, he mentioned that this scheme can also facilitate the purchase of government bonds such as the Indonesian Rupiah Securities (SRBI).
On the same occasion, the Deputy Chief of Mission for Economic Affairs at the Japanese Embassy, Ueda Hajime, said that the direct settlement scheme in rupiah-yen enables trade and investment to be conducted without depending on a third-party currency. “By reducing foreign exchange conversion costs, this cooperation is expected to stimulate business activities, particularly bilateral trade expansion and direct investment,” Hajime said.
The value of Indonesia-Japan LCT transactions increased compared to the same period the previous year, reaching US$5.1 billion compared to US$2.23 billion. From a user’s perspective, LCT utilization also increased, reaching an average of 2,072 customers per month in 2025—higher than the 1,360 customers per month in 2024.
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