TOKYO – Asian shares were mostly higher Tuesday in quiet holiday trading, while Japan’s benchmark rose to new records on hope for more government spending and lower taxes under Japan’s first woman prime minister.

U.S. futures slipped and oil prices rose. Markets in mainland China and South Korea were closed.

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Over the weekend, Japan’s ruling Liberal Democrats chose conservative lawmaker Sanae Takaichi as their leader, likely making her the country's first woman prime minister. That pushed the Nikkei 225 index up nearly 5% on Monday.

The Nikkei 225 jumped 0.8% to 48,305.98.

The ruling Liberal Democrats need coalition partners to stay in power, and politicians are maneuvering ahead of a vote in the lower house of parliament later this month. It's unclear how aggress

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