Japan's Nikkei index surged nearly 5% and the yen weakened following the election of Sanae Takaichi as the Liberal Democratic Party leader, likely making her the next prime minister. Investors, particularly foreign ones, reacted positively to Takaichi's perceived market-friendly stance, echoing policies of former PM Shinzo Abe. Automakers' shares saw significant gains amid unconfirmed reports of potential tariff reductions. Other Asian markets were mixed, while U.S. futures and oil prices climbed.

Prepared by Christopher Adams and reviewed by editorial team.