SINGAPORE, March 16 Reuters The safe haven U.S. dollar and Japanese yen found support on Thursday from renewed fears of a global banking crisis, after contagion from the implosion of U.S.based Silicon Valley Bank spread across the Atlantic to Swiss bank Credit Suisse.

Credit Suisse said on Thursday it would borrow up to 54 billion from the Swiss National Bank to shore up liquidity and investor confidence, after its shares on Wednesday plunged as much as 30, which prompted the Swiss central bank to throw a financial lifeline to the embattled lender.

While the news helped to stem some heavy selling in Asia trade, market sentiment remained fragile as worries mount that the recent stress unfolding across banks in the U.S. and Europe could be a harbinger of a widespread systemic crisis.

That sent traders flocking to the greenback and yen, which are considered safer bets in times of turmoil, keeping the two currencies buoyed on Thursday.

The yen jumped more than 0.5 to extend Wednesday39;s 0.6 gain, and last stood at 132.80 per dollar.

Against the Swiss franc , the dollar pared some of its previous session39;s 2.15 surge the largest daily gain since 2015 but kept the Swissie pinned near a oneweek low.

Now, Credit Suisse has the clout of the Swiss National Bank covering its back, which is a central bank that doesn39;t not mess around in the time of crisis, said Matt Simpson, senior market analyst  at City Index.

So ultimately, I think this is a good thing for market…