After the recent crisis in the US banking sector, global markets turned their attention to the inflation data in the US.
With the collapse of Silicon Valley Bank, global investors from New York to Tokyo began to reduce their bank share positions, while the market value of global financial sector shares tumbled by $465 billion.
As sales deepened, the MSCI Asia Pacific Financials Index in Asia fell 2.7 percent to its lowest level since November 29. Mitsubishi Group fell as much as 8.3 percent in Japan, while Hana Financial Group fell 4.7 percent.
These losses in Asia came after declines in US financial sector stocks.
