Asia-Pacific markets traded mixed on Monday as U.S. regulators announced plans to backstop both depositors and financial institutions associated with Silicon Valley Bank, seen as a move to stem further systemic risk.
The Nikkei 225 in Japan dropped 311.01 points, or 1.1%, to 27,832.96, seeing shares of Softbank fall 2.3% as investors continued to assess contagion fears.
In Hong Kong, the Hang Seng Index restored 376.05 points, or 2%, to 19,695.97.
Korean markets carved out gains, as South Korean officials over the weekend reportedly voiced concerns of greater market volatility ahead from the collapse of Silicon Valley Bank.
Australian markets headed downward, with banks continuing to see declines.
In other markets
In China, the CSI 300 regrouped 41.55 points, or 1.1%, to 4,008.69.
In Singapore, the Straits Times fell 45.06 points, or 1.4%, to 3,132.37.
In Taiwan, the Taiex jumped 34.29 points, or 0.2%, to 15,560.49.
In Korea, the Kospi regained 16.01 points, or 0.7%, to 2,410.60.
In New Zealand, the NZX 50 lost 54.13 points, or 0.5%, to 11,672.91.
In Australia, the ASX 200 subsided 35.84 points, or 0.5%, to 7,108.85.