-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 G6XM5JR+MPcgPyEQ3Dw+jmK6Q1C8OjoadM5QjsbvXlyfTozqaqyw/3UkzWvD0qKP
 /Bsg1EuTSWWH4wFccwQqSA==

<SEC-DOCUMENT>0000905148-06-004416.txt : 20060614
<SEC-HEADER>0000905148-06-004416.hdr.sgml : 20060614
<ACCEPTANCE-DATETIME>20060614170902
ACCESSION NUMBER:		0000905148-06-004416
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060117
FILED AS OF DATE:		20060614
DATE AS OF CHANGE:		20060614

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Grollman William G
		CENTRAL INDEX KEY:			0001365646

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05992
		FILM NUMBER:		06905387

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		212 667 9300

	MAIL ADDRESS:	
		STREET 1:		NOMURA ASSET MANAGEMENT USA INC.
		STREET 2:		TWO WORLD FINANCIAL CENTER, BUILDING B
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10281

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:		2 WORLD FINANCIAL CENTER
		STREET 2:		BUILDING B, 22ND FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10281-1712
		BUSINESS PHONE:		8008330018

	MAIL ADDRESS:	
		STREET 1:		2 WORLD FINANCIAL CENTER
		STREET 2:		BUILDING B, 22ND FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10281-1712

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JAPAN OTC EQUITY FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>efc6-1779_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-01-17</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000859796</issuerCik>
        <issuerName>JAPAN SMALLER CAPITALIZATION FUND INC</issuerName>
        <issuerTradingSymbol>JOF</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001365646</rptOwnerCik>
            <rptOwnerName>Grollman William G</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>NOMURA ASSET MANAGEMENT USA INC.</rptOwnerStreet1>
            <rptOwnerStreet2>TWO WORLD FINANCIAL CENTER, BUILDING B</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10281</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2006-01-17</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>15.80</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Spouse</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2006-04-05</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>600</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>17.63</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>400</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Spouse</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2006-04-05</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>400</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>17.62</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Spouse</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The reporting person's spouse's sale of Japan Smaller Capitalization Fund, Inc. (the &quot;Fund&quot;)'s common stock represented
 herein
 was mactchable under Section 16(b) of the Securities Exchange Act of 1934, to the extent of 1,000 shares, with the reporting
 person's spouse's purchase of 1,000 shares of the Fund's common stock at a price of $15.80 per share on January 17, 2006.
 The reporting person has paid to the Fund $1,825.45, representing the full amount of the profit realized in connection with
 the short-swing transaction, less transaction costs.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Rita Chopra-Brathwaite, as attorney-in-fact for William K. Grollman</signatureName>
        <signatureDate>2006-06-14</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>efc6-1779_emailex24.txt
<TEXT>
                                                                    Exhibit 24


                               POWER OF ATTORNEY

      The undersigned, as a Director of each of the registered investment
companies listed below, hereby authorizes Keiko Tani, 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, 2007, unless otherwise terminated.

Dated:   January 31, 2006


 /s/ William K. Grollman
- ------------------------------
      Director Signature


/s/ William K. Grollman
- ------------------------------
         Print Name






/s/ Keiko Tani
- ------------------------------
Keiko Tani


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


/s/ Rita Chopra-Brathwaite
- ------------------------------
Rita Chopra-Brathwaite
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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