One And Only edged the favourite Isla Bonita after a final furlong battle for a close win in the Yunshun Himba in Tokyo on Sunday before a crowd of nearly 140,000.
Fourth behind Isla Bonita in the Satsuki Sho (Japanese Two Thousand Guineas) last time out, One And Only uncoiled a powerful rally in the stretch after driving between rivals to prevail by three-quarters of a length with Norihiro Yokoyama aboard.
One And Only, a son of 2004 Japanese Derby runner-up Heart's Cry, is a homebred racing for Koji Maeda.
His victory was the first in the race for trainer Kojiro Hashiguchi, who trained Heart’s Cry and was making his 18th attempt to win the classic after finishing second four times previously.
Yokoyama enjoyed a second Derby win following his victory aboard Logi Universe in 2009.
Hashiguchi won the 2006 Dubai Sheema Classic with sire Heart's Cry, but said capturing the long-sought Derby was an incomparable experience.
"I am overwhelmed with joy that I can't feel my feet on the ground," he said.
"I didn't feel so happy when I won the Dubai Sheema Classic with Heart's Cry in 2006. The Derby is indeed a special race."
One And Only, the third favorite, raced closer to the pace than usual, settling in sixth in the 17-horse field.
Isla Bonita, the favourite off his win in the Guineas, held second with Meiner Frost getting third after a rail-hugging trip.
One And Only was second to the highly regarded To the World in the Yayoi Sho in his season debut in March.
He concluded 2013 with a win in Hai Nisai in December at Hanshin and now has three wins and three seconds from nine career starts.
One And Only travelled along the rail while keeping aim on Isla Bonita, who settled third behind Tosen Stardom as Ekimae led the field by more than five lengths.
Yokoyama skillfully guided One And Only through traffic at the top of the homestretch. He joined Isla Bonita and from the 200m they fought head and head until gaining a slight advantage and holding on for the win.
Yokayama said the pace was slow early, and, though One And Only was keen to race, he stretched well.
"The trainer and his staff conditioned him perfectly for the Derby," the jockey said. "He was unable to make a good start in the previous race but he broke well today and I was able to race him in striking position.
“He is still immature compared to his sire, but he was able to win the Derby and I hope that he will continue to develop steadily."
To the World, the second choice, and champion filly Red Redveur finished fifth and 12th. Hagin Hybrid, ridden by Australian jockey Craig Williams, finished 13th.
