TOKYO (AP) — Asian shares were mostly higher Tuesday as Japan’s benchmark topped new highs after a historic election win for the nation’s first female prime minister.

Japan's benchmark Nikkei 225 jumped 2.3% to 57,650.54 in afternoon trading. The index recorded a 3.9% jump to a record Monday, a day after the landslide victory for Sanae Takaichi’s political party in a parliamentary election. Hopes are high Takaichi will push through reforms expected to boost the economy and stock market.

Australia's S&P/ASX 200 declined less than 0.1% to 8,867.40. South Korea's Kospi gained less than 0.1% to 5,301.69. Hong Kong's Hang Seng surged 0.5% to 27,163.37, while the Shanghai Composite added nearly 0.2% to 4,130.00.

On Wall Street, the U.S. stock market was coming off its best day since May to close last week, but several concerns still hang over the market. That includes criticism that stocks have simply become too expensive following their run to records.

The S&P 500 pulled closer to its all-time high set two weeks ago, gaining 0.5% to 6,964.82. The Dow Jones Industrial Average edged up less than 0.1% to 50,135.87 and the Nasdaq composite gained 0.9% to 23,238.67.

A key persistent worry is over whether the huge spending by Big Tech and other companies on artificial-intelligence technology will produce enough profit to make the investments worth it.

Some of the winners from that rush into AI drove the market higher on Monday. Chip companies rose, for example, with Nvidia up 2.4% and Broadcom up 3.3%.

In the bond market, Treasury yields held relatively steady ahead of potentially market-moving reports coming later in the week. The U.S. government will offer the latest monthly update on the health of the job market on Wednesday. Friday will bring the latest monthly reading of inflation at the consumer level.

Either report could sway expectations for what the Federal Reserve will do with interest rates. The Fed has put its cuts to interest rates on hold, but a weakening of the job market could push it to resume more quickly. Too-hot inflation, on the other hand, could keep it on hold for longer.

One of the reasons the U.S. stock market remains close to records is the expectation that the Fed will continue cutting interest rates later this year. Lower rates can give the economy a boost, though they can also worsen inflation.

The yield on the 10-year Treasury eased to 4.20% from 4.22% late Friday.

Gold rose 2% to settle at $5,079.40 per ounce. It’s been swinging sharply after roughly doubling in price over 12 months, and it has bounced between $4,500 and nearly $5,600. Silver, whose price has been even wilder, jumped 6.9% Monday.

Bitcoin was hanging just below $71,000 after drifting above the level during the weekend. It had dropped close to $60,000 last week, more than halfway below its record set in October.

In other dealings early Tuesday, benchmark U.S. crude slipped 1 cent to $64.35 a barrel. Brent crude, the international standard, rose 1 cent to $69.05 a barrel.

The U.S. dollar edged down to 155.34 Japanese yen from 155.83 yen. The euro cost $1.1902, down from $1.1916.

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AP Business Writer Stan Choe contributed.

Yuri Kageyama is on Threads: https://www.threads.com/@yurikageyama