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Live news: Japanese stocks drop in early trading after banking sell-off in US

Ken Griffin, founder of Citadel hedge fund, says the US central bank’s rescue package for Silicon Valley Bank shows that American capitalism is “breaking down before our eyes”.

Griffin told the Financial Times that US taxpayers should not have to bail out institutional investors, following the decision by the Fed to intervene to prevent contagion throughout the banking sector following the collapse of Santa Clara-based SVB.

“The US is supposed to be a capitalist economy, and that’s breaking down before our eyes,” he said in an interview. “There’s been a loss of financial discipline with the government bailing out depositors in full.”

Read Griffin’s thoughts on the US economy here.

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