Japanese stocks jumped more than 5% to hit an all-time high while the yen slid on Monday after fiscal and monetary dove Sanae Takaichi was elected as leader of the ruling party, putting her on course to become the nation’s first female prime minister.

Gold also climbed to a fresh peak of nearly $4,000, while leading cryptocurrency bitcoin rallied to a lifetime high on Sunday, with investors increasingly turning to alternative assets as a store of value as the U.S. government shutdown frayed nerves.

Japan’s Nikkei soared above 48,000 for the first time ever after Takaichi bested the more moderate Shinjiro Koizumi in the Liberal Democratic Party’s (LDP) leadership vote on Saturday, stoking expectations for fiscal stimulus.

The yen slumped as much as 2% to beyond 150 per U.S. dollar for the first time since Aug. 1, and slid as much as 1.8% to an all-time low versus the euro at 176.25.

Worries about Japan’s finances sent the yield on 30-year government bonds to an all-time high.

At the same time, short-dated Japanese government bond yields slid to a two-week low as traders pared bets on when the Bank of Japan (BOJ) will resume raising interest rates.

Market-implied odds of a BOJ hike by year-end fell to 41% from 68% on Friday.

A year ago, Takaichi criticized the BOJ’s decision to raise rates as “stupid,” although her recent rhetoric has been more restrained, saying only that central bank policy should be aligned with the government.

“We believe concerns among some investors that the next administration might pursue extreme fiscal expansion or exert political pressure on the BOJ are overblown,” Morgan Stanley MUFG Securities economists wrote in a research report, noting that Takaichi’s stance “appears closely aligned” with BOJ Governor Kazuo Ueda’s “cautious approach” to policy normalization.

Most other major share markets around the region were closed for holidays, including mainland China, South Korea and Taiwan.

Hong Kong’s Hang Seng declined 0.7%, ahead of a holiday on Tuesday. Australia’s benchmark eased 0.1%, though trading was thinned by holidays in several states, including New South Wales and Queensland.

U.S. S&P 500 futures pointed 0.3% higher, after the cash index rose to a record high on Friday.

Pan-European STOXX 50 futures were flat, with stocks perched at record highs.

The U.S. dollar made up some ground on European currencies, capitalizing on its momentum against the yen to rebound from last week’s 0.5% decline against a basket of major peers.

The euro lost 0.26% to $1.1714, and sterling slipped 0.22% to $1.3440.

Gold last changed hands at around $3,927 after advancing as much as 1.5% earlier to a record just above $3,944.

Bitcoin traded around $123,600 following its jump to $125,653.32 on Sunday.

“The shutdown matters this time around,” said Geoffrey Kendrick, head of digital assets research at Standard Chartered Bank.

“This year, bitcoin has traded with ‘U.S. government risks,’ as best shown by its relationship to (the) U.S. Treasury term premium,” he added.

“I suspect bitcoin will rise throughout the shutdown,” and will soon reach $135,000, Kendrick predicted.

Oil prices rose after OPEC+ announced on Sunday it would increase production by 137,000 barrels per day (bpd) from November, the same modest monthly increase as in October, amid persistent concerns over a looming supply glut.

In the run-up to the meeting, sources said Russia was advocating for an output increase of 137,000 bpd to avoid pressuring prices, but Saudi Arabia would have reportedly preferred double, triple, or even quadruple that figure to regain market share more quickly.

Brent crude futures gained 1.3% to $65.36 a barrel, while U.S. West Texas Intermediate crude was at $61.69, also a 1.3% advance.