Composite Stock Price Index is one of the factors that reflects the performance of the capital market whether it is experiencing an increase (bullish) or is experiencing a decline (barrish). If a country's economic condition is good, then the JCI certainly shows an increasing trend. However, if a country's economic condition is in a downturn, it will also affect the JCI. In 2020, the JCI experienced a relatively sharp decline. This happened due to the Covid-19 pandemic and the reduction in economic activity and triggering the layoffs of 3.05 million people as of June 2, 2020. The purpose of this study was to analyze the effect of the Nikkei 225 Index, Hang Seng Index and the Shanghai Composite Index on Composite Stock Price index on the Indonesia Stock Exchange. Then to analyze the effect of the exchange rate in moderating the relationship between the Nikkei 225 index, the Hang Seng index, and the Shanghai Composite Index to the composite stock price index on the Indonesia Stock Exchange for the 2017- 2021 period. To achieve this goal, secondary data was used which was obtained from the sites www.investing.com and www.yahoo.finance.com. Data analysis techniques using descriptive statistical analysis, classic assumption test, and path analysis (path analysis). The results of the study found that the Nikkei 225 index had a positive and significant effect on the USD exchange rate, the Hang Seng index had a negative and significant effect on the USD exchange rate, and the Shanghai index had a positive and significant effect on the USD exchange rate. Then the Nikkei 225 index has a positive and significant effect on the JCI, the Hang Seng index has a negative and significant effect on the JCI, and the Shanghai index has a positive and significant effect on the JCI. Then the USD exchange rate has a negative but significant effect on the JCI. Then from the mediation test results it was found that the exchange rate could mediate the effect of the Nikkei 225 index and the Hangseng index, while the exchange rate could not mediate the effect of the Shanghai index on the composite stock price index on the Indonesia Stock Exchange.

Keywords : Composite Stock Price Index, Nikkei 225 Index, Hang Seng Index, Shanghai Composite Index, Moderating Variable.