Investors in Asia are closely following the failure of the US Silicon Valley bank.
(Photo: Stone/Getty Images)
Tokyo The good news for savers from the collapsed US bank Silicon Valley Bank saved the start of the stock market week in Asia. At around 7:30 a.m. Japan time, the news broke that US authorities would grant all depositors access to their accounts on Monday. The foreign exchange market reacted first: the yen, which had risen by more than two percent against the US dollar to 133.54 yen since Friday, promptly lost value again.
There was no price collapse on the Tokyo stock exchange in the first hour of trading. The Nikkei 225 index, which tracks 225 major companies, fell 1.5 percent to 27,720 points in the first 50 minutes of trading. The broader-weighted Topix index of all listed companies fell 1.9 percent to 1,992.01 points.
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