Japanese stocks have hit a record for the ninth time in about six weeks, driven higher by a major transaction involving a Japanese company and on continued hopes for a rate cut in the United States.

Optimism surrounding the election of Sanae Takaichi as president of the Liberal Democratic Party has waned as uncertainty has taken hold, with political calculations becoming more complicated and her ascension to the prime ministership looking less like an absolute certainty.

The benchmark Nikkei 225 stock index hit 48,597.08 — the new record — shortly before the closing bell on Thursday.

SoftBank Group led the rally, with its share price rising 11.43% a day after it announced a $5.4 billion purchase of Zurich’s ABB.

Other tech and electronics companies helped drive the index higher, with Panasonic gaining 6.58% and Tokyo Electric Power up 4.94%.

The benchmark finished the day up 1.77%, at 48,580.44. The yen remained weak, moving above ¥153 to the dollar in the afternoon.

The market has been enthusiastic about the shifting political landscape over the past month, sending the Nikkei index to three all-time highs this month, following six in September.

The election of fiscal and monetary dove Takaichi as the new ruling party leader boosted the market dramatically on Monday, with the benchmark gaining over 5% and hitting the 48,000 level for the first time ever.

The possibility of the Nikkei 225 reaching 50,000 has now emerged as a theme.

Volatility is expected in the coming days and weeks, as the economic outlook under Takaichi remains uncertain — especially as she works to pull together a workable government, and has encountered some setbacks.

“Stock prices aren’t determined solely by domestic politics. There’s a global financial trend driven by the Fed’s rate cuts underpinning everything,” said Takahide Kiuchi, executive economist at Nomura Research Institute.

“As long as that doesn’t collapse, the tail wind will likely continue. If it does, then it wouldn’t be strange to see another 2,000-point rise within the year — meaning the Nikkei reaching 50,000 by year-end isn’t out of the question.”