The dollar spiked to three-month highs against the yen and futures indicated a higher open for the benchmark Nikkei 225 index following a snap election in Japan on Sunday.

Japanese Prime Minister Shinzo Abe’s ruling coalition secured a two-thirds “super majority” after winning 312 out of 465 seats available at Sunday’s election, Reuters said, citing local media. Abe’s solid win at the polls points to a continuation of his Abenomics program, which includes the use of hyper-easy monetary policy.

Following the news, the dollar surged to trade at 113.88 yen at 7:00 a.m. HK/SIN — its highest levels in three months.

Stateside, stocks closed higher on Friday after the U.S. Senate passed a budget measure late on Thursday. The move unlocked reconciliation, which enables Republicans to pass a tax bill with a simple 51-vote majority in the Senate.

The Dow Jones industrial average tacked on 0.71 percent, or 165.59 points, to close at a record 23,328.63. Other major indexes touched record highs during the session: The S&P 500 tacked on 0.51 percent, or 13.11 points, to close at 2,575.21 and the Nasdaq advanced 0.36 percent, or 23.986 points, to close at 6,629.053.

Those developments were cheered by investors ahead of Asia’s Monday trading day, with futures suggesting a pop at the open for Japanese equities. Nikkei futures traded in Chicago were up 1.22 percent at 21,720 and Osaka futures were 0.48 percent higher at 21,560. Both were significantly above the benchmark index’s last close of 21,457.64.

Ahead of Sunday’s election, the Nikkei 225 had closed higher for 14 straight sessions, partially boosted by optimism that Abe’s ruling coalition would win.

Down Under, the S&P/ASX 200 rose 0.12 percent in early trade.

Markets in Thailand and New Zealand are closed today for public holidays.

Also in Asia, China’s 19th Party Congress remained in focus as markets awaited signs on the future leadership line-up of the country, which will be officially unveiled later this week.

Ahead, investors are likely to keep an eye on the race for the position of Federal Reserve chair. President Donald Trump indicated in a Fox News interview aired over the weekend that Stanford University economist John Taylor and Federal Reserve Governor Jerome Powell remained among the candidates he was considering. He also said he would make his decision shortly.

Here’s the economic calendar for Monday (all times HK/SIN):

• 9:30 a.m.: China house price index
• 1:00 p.m.: Singapore September inflation rate
• 4:00 p.m.: Taiwan September industrial production, retail sales and unemployment
• 4:30 p.m.: Hong Kong September inflation

— CNBC’s Jacob Pramuk contributed to this report.