On Monday, hopes rose that hardline conservative Sanae Takaichi could become Japan’s first female prime minister, as support from the right-wing opposition Japan Innovation Party, or Ishin, helped lift Tokyo stocks to a record high.

Ishin lawmakers are set to meet at 2 p.m. (0500 GMT) to discuss forming a coalition with the ruling Liberal Democratic Party (LDP), followed by talks between Takaichi and Ishin leaders Fumitake Fujita and Osaka Governor Hirofumi Yoshimura, where the alliance is expected to be finalised.

Japanese media reported that the parties had agreed to an alliance behind closed doors but an official announcement would follow the meeting.

“The relationship of trust is deepening substantially, and I believe that’s what the other party is thinking,” Fujita said on Sunday

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