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Kan Retains Japan Leadership; Yen Rises

Japanese Prime Minister Naoto Kan survived a challenge to his leadership and was re-elected president of the ruling Democratic Party on Tuesday.

TOKYO (

TheStreet

) -- Japanese Prime Minister Naoto Kan survived a challenge to his leadership and was re-elected president of the ruling Democratic Party on Tuesday.

Kan's defeat by a wide margin over challenger Ichiro Ozawa sent the yen higher. The dollar traded at 83.33 yen after the result was announced, near the fresh 15-year low of 83.28 yen it hit in early trading. The U.S. currency traded at 83.71 yen late Monday in New York.

Kan has been the leader of Japan, which has the world's No. 3 economy, for around three months. He is the country's fifth prime minister in less than four years.

-- Written by Joseph Woelfel

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