Asian markets climbed on Monday, with Tokyo’s Nikkei index gaining 1.9 percent, fueled by a weakened yen following Japanese Prime Minister Shigeru Ishiba’s resignation announcement on Sunday after less than a year in office.

The move, which saw the dollar rise to 148.14 yen from 147.07 on Friday, benefited Japanese exporters, though it introduced fresh uncertainty for the world’s fourth-largest economy.

Investors also weighed weak US jobs data, while crude prices rose after eight OPEC+ members agreed to boost oil production. Michael Wan of MUFG noted, “A combination of weak US labour market data coupled with rising political uncertainty in Japan dominated global markets as we started the week in Asia.”

Japanese bond yields climbed, with the 30-year government bond yield hitting a record high last week, reflecting concerns over political stability and public finances.

Michael Brown of Pepperstone remarked that Ishiba’s exit, though anticipated, caught markets off guard, adding downside risks to the yen and long-end Japanese bonds.

Potential successors to lead Japan’s ruling party are expected to favor looser fiscal policies, further pressuring bond demand, Brown added.

Beyond Tokyo, Hong Kong and Shanghai each rose 0.3 percent, Taipei gained 0.5 percent, and Seoul increased 0.3 percent in morning trade. Singapore and Wellington edged up 0.1 percent, though Sydney dipped 0.3 percent.

The prospect of a Federal Reserve rate cut, bolstered by last week’s US data, offers some relief for Asian central banks, according to Wan.