Japanese stocks tumbled after Shigeru Ishiba’s surprise victory over Sanae Takaichi in the ruling party’s leadership race wrongfooted investors who had bet on a boost from more monetary stimulus from his rival.

Shigeru Ishida had beaten Economic Security Minister Sanae Takaichi in the final round of the Liberal Democratic Party election on Friday.

Japanese stocks will likely tumble on Monday after Shigeru Ishiba’s surprise victory in the ruling party’s leadership race raised expectations that interest rates will increase.