Tokyo stocks closed lower on Monday as contagion fears grew after the failure of US regional lender Silicon Valley Bank (SVB) sent Wall Street shares down.

The benchmark Nikkei 225 index ended down 1.11 percent, or 311.01 points, at 27,832.96, while the broader Topix index slipped 1.51 percent, or 30.59 points, to 2,000.99.