Pedestrians cross a road in front of the Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Thursday, Oct. 29, 2020.

Kiyoshi Ota | Bloomberg via Getty Images

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 2.4%, and Nikkei 225 shed 1.96% as shares of Softbank Group fell as much as 3.5% to its lowest point since October last year in Asia’s morning trade.

South Korea’s Kospi also fell by 1.9% and the Kosdaq was 2.5% lower. In Australia, the S&P/ASX 200 slid 1.66%, largely led by losses in the banking sector. The economy’s consumer confidence also held near historic lows.

Hong Kong’s Hang Seng index fell 0.97% – seeing smaller losses than its regional peers. In mainland China, the Shanghai Composite fell 0.56% and the Shenzhen Component fell 1.1%.

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

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