<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>efc8-1215_6731393ex24.txt
<TEXT>
                                POWER OF ATTORNEY


         The undersigned, as a Director and/or officer of each of the registered
investment companies listed below, hereby authorizes Hiroyuki Nakano, Neil A.
Daniele and Rita Chopra-Brathwaite, or any of them, 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 and/or officer 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 full force and effect until
the undersigned is no longer required to file Forms 3, 4, and 5 with respect to
the undersigned's holdings of and transactions in securities issued by Korea
Equity Fund, Inc. or Japan Smaller Capitalization Fund, Inc., unless earlier
revoked by the undersigned in a signed writing delivered to the foregoing
attorneys-in-fact.

Dated:  September 3, 2008


/s/ Shinichi Tanaka
------------------------------------------------------------
                Director/Officer Signature



/s/ Hiroyuki Nakano
------------------------------------------------------------
                      Hiroyuki Nakano



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



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


</TEXT>
</DOCUMENT>
