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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 QkzDPd9r2qxFD51VQMb2okIEQqhdCvMc7QDbHaxXbqncWWz0mFP+nzAFLyfbJjTc
 LA/B2Dktt8hEGuiPHG+VBQ==

<SEC-DOCUMENT>0000905148-04-000048.txt : 20040109
<SEC-HEADER>0000905148-04-000048.hdr.sgml : 20040109
<ACCEPTANCE-DATETIME>20040109131751
ACCESSION NUMBER:		0000905148-04-000048
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040101
FILED AS OF DATE:		20040109

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GROLLMAN WILLIAM K
		CENTRAL INDEX KEY:			0001275710

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05992
		FILM NUMBER:		04517301

	BUSINESS ADDRESS:	
		STREET 1:		165 PALMER LANE
		CITY:			THORNWOOD
		STATE:			NY
		ZIP:			10594

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JAPAN SMALLER CAPITALIZATION FUND INC
		CENTRAL INDEX KEY:			0000859796
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				133553469
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		180 MAIDEN LANE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10038-4936
		BUSINESS PHONE:		8008330018

	MAIL ADDRESS:	
		STREET 1:		180 MAIDEN LANE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10038-4936

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JAPAN OTC EQUITY FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>efc4-0016_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>3</documentType>
   <periodOfReport>2004-01-01</periodOfReport>
    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000859796</issuerCik>
        <issuerName>JAPAN SMALLER CAPITALIZATION FUND INC</issuerName>
        <issuerTradingSymbol>JOF</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001275710</rptOwnerCik>
            <rptOwnerName>GROLLMAN WILLIAM K</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>165 PALMER LANE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>THORNWOOD</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10594</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>1</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeHolding>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>0</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeHolding>
 </nonDerivativeTable>
   <ownerSignature>
      <signatureName>/s/ Neil A. Daniele</signatureName>
      <signatureDate>2004-01-09</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>3
<FILENAME>efc4-0016_exhibit24.txt
<TEXT>
                                                                Exhibit 24


                               POWER OF ATTORNEY

         The undersigned, as a Director of each of the registered investment
companies listed below, hereby authorizes Kenneth L. Munt, Neil A. Daniele and
Rita Chopra-Brathwaite or any of them, as attorney-in-fact, to sign on his
behalf on any form, or any amendment to such form, required to be filed by the
undersigned pursuant to the reporting requirements of Section 16(a) of the
Securities Exchange Act of 1934 due to their capacity as a Director for each
of the following registered investment companies and to file, at the request
of the undersigned, the same, with all exhibits thereto, with the Securities
and Exchange Commission: Korea Equity Fund, Inc. and Japan Smaller
Capitalization Fund, Inc. This Power of Attorney shall remain in effect
through January 31, 2005, unless otherwise terminated.

Dated:   January 6, 2004


 /s/ William K. Grollman
_____________________________

      Director Signature


/s/ William K. Grollman
_____________________________

         Print Name


/s/ Kenneth L. Munt
- -----------------------------
Kenneth L. Munt


/s/ Neil A. Daniele
- -----------------------------
Neil A. Daniele


/s/ Rita Chopra-Brathwaite
- -----------------------------
Rita Chopra-Brathwaite

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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