Asia-Pacific markets tumbled on Tuesday in a volatile session, after sharp losses seen overnight on Wall Street as investors grappled with the fallout of failed banks in the U.S., including Silicon Valley Bank.
In Japan, the Topix led losses and fell 2.67% to close 1,947.54, and the Nikkei 225 ended 2.2% lower at 27,222.04 as shares of Softbank Group fell as much as 3.5% to its lowest point since October last year in early trade.
South Korea's Kospi also fell by 2.56%, ending at 2,348.97, and the Kosdaq fell 3.91% to close at 758.1. Hong Kong's Hang Seng index fell 2.5%, while the Hang Seng Tech index shed 2.81%. In mainland China, the Shanghai Composite shed 0.72% to end at 3,245.31 and the Shenzhen Component fell 0.77% to close at 11,416.57.
In Australia, the S&P/ASX 200 slid 1.41% to finish at 7,008.9, largely led by losses in the banking sector. The economy's consumer confidence also held near historic lows.
In the U.S, the Dow Jones Industrial Average saw its fifth straight day of losses, even as a plan to backstop all the depositors in failed Silicon Valley Bank, along with other extraordinary measures, failed to boost bank shares. The S&P 500 fell 0.15%, and the Nasdaq Composite gained 0.45%.
Investors will also be keeping a close watch on the U.S. consumer price index for February, due to be released Tuesday.
— CNBC's Tanaya Macheel and Alex Harring contributed to this report