<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>efc8-1216_6731389ex24.txt
<TEXT>

                                                                    Exhibit 24



                               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/ Eiji Takahashi
---------------------------------------------
          Director/Officer Signature






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



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



/s/ Neil A. Daniele
---------------------------------------------
Neil A. Daniele
</TEXT>
</DOCUMENT>
