Global financial stocks lost $465 billion in market value after the collapse of Silicon Valley Bank as investors cut exposure to the lender from New York to Japan.

Losses extended early Tuesday, with the MSCI Asia Pacific Financial Index falling up to 2.7% to its lowest since November 29. Japan’s Mitsubishi UFJ Financial Group fell 8.3%, South Korea’s Hana Financial Group fell 4.7%, and Australia’s ANZ Bank Group Holdings Ltd fell 2.8%.

The decline followed a plunge in US peers as investors questioned whether the government’s bailout of the banking system would prevent more fallout from the SVB collapse. Asian banks are seen as better protected from immediate risk.

The combined market capitalisation of the MSCI World Financials Index and the MSCI Emerging Markets Financials Index lost about $465 billion in three days.

Given their solid deposits, asset portfolios and liquidity, most of North Asia’s major banks face little risk of sudden run-on deposits leading to Silicon Valley Bank’s collapse, Bloomberg Intelligence analyst Francis Chan wrote in a note. Smaller lenders may have liquidity and credit risks that are easily overlooked.

Concerns remain that financial firms could suffer from their heavy investments in bonds and other financial instruments amid the turmoil sparked by Silicon Valley Bank. Two-year Treasury yields posted their biggest one-day drop since the early 1980s on Monday on expectations the Federal Reserve will hold off on raising interest rates due to recent turmoil in the banking system.