Japan’s Nikkei stock index jumped nearly 5% on Monday and the yen weakened after its ruling party chose an ultra-conservative as its leader and likely first woman prime minister.

Other Asian markets also were mostly higher. U.S. futures climbed and oil gained about $1 a barrel.

The Liberal Democrats elected Sanae Takaichi, an ally of the late Prime Minister Shinzo Abe, as their leader, likely ensuring she will carry on with his market-friendly policies. Takaichi, 64, admires former British Prime Minister Margaret Thatcher and backed Abe’s ultra-conservative vision for the country.

She is likely to become prime minister because the LDP has the most seats in the lower house, although not a majority. It chooses the prime minister, and opposition groups are splintered.

Takaichi faces a hos

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