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The victory by Kan over Ozawa in the race to head Japan’s ruling Democratic Party of Japan will lower the likelihood the government will sell yen to weaken the currency. Investors are gaining confidence in equities as Warren Buffett ruled out a second recession in the U.S. Asian stocks led by Thailand and Indonesia have entered bull markets with gains of 30 percent since the May 25 low.

“Kan has shown a less aggressive stance than Ozawa on currency intervention,” said Kazuya Yashiro, a Tokyo-based foreign-exchange analyst at Himawari Securities Inc. “His victory will therefore give some opportunities to test the upside of the yen.”

Japan’s currency also strengthened against all 16 of its major counterparts as the nation’s stocks dropped, boosting demand for safer assets. The yen climbed to 107.26 per euro from 107.83. The euro fell to $1.2861 from $1.2883.