Asia's share markets slid on Tuesday, with Japan's financial stocks leading losses as fear of a U.S. banking crisis gripped investors ahead of crucial inflation data due later in the day.
President Joe Biden sought to reassure depositors by vowing to ensure the safety of the U.S. banking system and the Fed on Sunday announced a new funding mechanism to help banks find ready cash.
Banks can now borrow against the par value - and not the lower market value - of their bond portfolios.It was last hovering around 133.25 yen and $1.0718 per euro .U.S. inflation data due later in the day is likely to inject more volatility, even if investors see the Fed prioritising financial stability.
"The prospect for the market to 'look through' strong U.S. data in the current environment could reduce upside U.S. dollar risk through CPI, which would mark a significant departure from the fully data-dependent environment in place as recently as a few days ago," said NatWest Markets strategist Jan Nevruzi.
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