Tokyo markets cheered the election of Sanae Takaichi as the ruling party’s leader on Monday morning, with the benchmark Nikkei 225 index gaining more than 4% and soaring above 47,000 for the first time early Monday.

The benchmark reached 47,187.69, at 9:03 a.m. — more than 1,400 points higher than Friday’s close, while the yen weakened from about ¥147.5 to ¥149.6 to the dollar on Monday morning.

Takaichi, a conservative heavyweight who lost to incumbent Prime Minister Shigeru Ishiba in a runoff last year, was elected on Sunday to succeed him as president of the ruling Liberal Democratic Party, which almost guarantees her election as Japan’s leader during a parliamentary session scheduled for next week.

A former economic security minister and protege of ex-Prime Minister Shinzo Abe, Takaichi is known as a proponent of expansionary fiscal spending and monetary easing, which was believed to have fueled market optimism leading to Monday’s rally.