The fallout of Silicon Valley Bank reverberated around the world

 

The fallout reverberated around the world — turning into a crisis of confidence in the global financial system. 

In Europe, the Swiss government instructed UBS Group AG to mount an emergency rescue of compatriot Credit Suisse Group AG, which, incidentally, is already beset with its own set of problems. 

Since the SVB turmoil, banks have lost tens of billions in market value, some more than others. 

For instance, leading Japanese banks have been harder hit, as they had accumulated foreign bonds in recent years — in the search for yields on the back of more than two decades of a zero interest rate policy, crowding-out by the Bank of Japan as well as slow loans growth in the domestic market.

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