Why Donald Trump's policies are making Asian junk investors nervous

Liquidity in Asian high yield is so bad that, after a little haggling, a bond quoted at 94 cents on the dollar can be had for 91 cents

Donald Trump has made Asian high-yield investors nervous wrecks.

First, there are the obvious casualties of his trade war against China. Lenovo Group Ltd.’s bonds are down to 87.4 cents on the dollar from more than 100 cents at the start of the year.

Then there’s the collateral damage of his greenback-boosting, late-cycle fiscal stimulus, which is making investors worried about Asian currency weakness. Indonesian notes are swimming in a sea of red ink.

PT Lippo Karawaci bonds have cratered of late. Moody’s Investors Service named the Indonesian developer as one of the five South and Southeast Asian high-yield, non-financial issuers (among the