<SEC-DOCUMENT>0001140361-15-016805.txt : 20150429
<SEC-HEADER>0001140361-15-016805.hdr.sgml : 20150429
<ACCEPTANCE-DATETIME>20150429152628
ACCESSION NUMBER:		0001140361-15-016805
CONFORMED SUBMISSION TYPE:	NT-NSAR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150228
FILED AS OF DATE:		20150429
DATE AS OF CHANGE:		20150429
EFFECTIVENESS DATE:		20150429

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JAPAN SMALLER CAPITALIZATION FUND INC
		CENTRAL INDEX KEY:			0000859796
		IRS NUMBER:				133553469
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		NT-NSAR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05992
		FILM NUMBER:		15812041

	BUSINESS ADDRESS:	
		STREET 1:		WORLDWIDE PLAZA
		STREET 2:		309 WEST 49TH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		8008330018

	MAIL ADDRESS:	
		STREET 1:		WORLDWIDE PLAZA
		STREET 2:		309 WEST 49TH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JAPAN OTC EQUITY FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>NT-NSAR
<SEQUENCE>1
<FILENAME>form12b25.htm
<TEXT>
<html>
<head>
<title>Form 12b-25: Notification of Late Filing</title>
<!--Licensed to: Summit Financial Printing
    Document created using EDGARfilings PROfile 3.3.0.0
    Copyright 1995 - 2015 Summit Financial Printing, LLC.  All rights reserved.-->
</head>
<body style="TEXT-ALIGN: center; LINE-HEIGHT: 1.3em; MARGIN: 0px; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 12px">
<div style="TEXT-ALIGN: left; MARGIN: 0px auto; WIDTH: 760px">
<div style="LINE-HEIGHT: normal; BORDER-TOP: #000 4px solid; PADDING-TOP: 8px">
<p style="TEXT-ALIGN: center; FONT-SIZE: 16px; FONT-WEIGHT: bold">United States <br>
Securities and Exchange Commission <br>
 Washington, D.C. 20549 </p>

<h1 style="TEXT-ALIGN: center">FORM 12b-25</h1>

<h2 style="TEXT-ALIGN: center; MARGIN-BOTTOM: 0px">Notification of Late Filing</h2>

<p style="TEXT-ALIGN: center; MARGIN-TOP: 0px; FONT-SIZE: 14px; FONT-WEIGHT: bold">(Amendment No. <font style="BORDER-BOTTOM: #000 1px solid; PADDING-BOTTOM: 0px; PADDING-LEFT: 1em; PADDING-RIGHT: 1em; PADDING-TOP: 0px">0</font>)* </p>
</div>

<table style="TEXT-ALIGN: center; MARGIN: 0.5em 20%; WIDTH: 60%" id="f2e73660b73e49e0b80d0ada7b2af16c" cellspacing="5">
<tr>
<td style="BORDER-BOTTOM: #000 1px solid; BORDER-LEFT: #000 1px solid; PADDING-BOTTOM: 5px; PADDING-LEFT: 10px; PADDING-RIGHT: 10px; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid; PADDING-TOP: 5px"><strong>OMB Number</strong><br>
 3235-0058 </td>
<td style="BORDER-BOTTOM: #000 1px solid; BORDER-LEFT: #000 1px solid; PADDING-BOTTOM: 5px; PADDING-LEFT: 10px; PADDING-RIGHT: 10px; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid; PADDING-TOP: 5px"><strong>SEC File Number</strong><br>
 811-05992</td>
<td style="BORDER-BOTTOM: #000 1px solid; BORDER-LEFT: #000 1px solid; PADDING-BOTTOM: 5px; PADDING-LEFT: 10px; PADDING-RIGHT: 10px; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid; PADDING-TOP: 5px"><strong>CUSIP Number</strong><br>
 47109U104</td>
</tr>
</table>

<table style="MARGIN: 0px auto; EMPTY-CELLS: show" id="6c17a206073d4e46a79fea28713db838">
<tr style="MARGIN: 0.5em 0px">
<td style="VERTICAL-ALIGN: top; PADDING-TOP: 4px" rowspan="9"><em>(Check one):</em></td>
<td style="BORDER-BOTTOM: #000 1px solid; BORDER-LEFT: #000 1px solid; PADDING-BOTTOM: 2px; PADDING-LEFT: 4px; PADDING-RIGHT: 4px; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid; PADDING-TOP: 2px">&#160; </td>
<td style="PADDING-RIGHT: 1em">Form 10-K</td>
<td style="BORDER-BOTTOM: #000 1px solid; BORDER-LEFT: #000 1px solid; PADDING-BOTTOM: 2px; PADDING-LEFT: 4px; PADDING-RIGHT: 4px; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid; PADDING-TOP: 2px">&#160; </td>
<td style="PADDING-RIGHT: 1em">Form 20-F</td>
<td style="BORDER-BOTTOM: #000 1px solid; BORDER-LEFT: #000 1px solid; PADDING-BOTTOM: 2px; PADDING-LEFT: 4px; PADDING-RIGHT: 4px; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid; PADDING-TOP: 2px">&#160; </td>
<td style="PADDING-RIGHT: 1em">Form 11-K</td>
<td style="BORDER-BOTTOM: #000 1px solid; BORDER-LEFT: #000 1px solid; PADDING-BOTTOM: 2px; PADDING-LEFT: 4px; PADDING-RIGHT: 4px; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid; PADDING-TOP: 2px">&#160; </td>
<td style="PADDING-RIGHT: 1em">Form 10-Q</td>
<td style="BORDER-BOTTOM: #000 1px solid; BORDER-LEFT: #000 1px solid; PADDING-BOTTOM: 2px; PADDING-LEFT: 4px; PADDING-RIGHT: 4px; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid; PADDING-TOP: 2px">&#160; </td>
<td style="PADDING-RIGHT: 1em">Form 10-D</td>
<td style="BORDER-BOTTOM: #000 1px solid; BORDER-LEFT: #000 1px solid; PADDING-BOTTOM: 2px; PADDING-LEFT: 4px; PADDING-RIGHT: 4px; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid; PADDING-TOP: 2px">&#8730; </td>
<td>Form N-SAR</td>
</tr>

<tr style="MARGIN: 0.5em 0px">
<td style="BORDER-BOTTOM: #000 1px solid; BORDER-LEFT: #000 1px solid; PADDING-BOTTOM: 2px; PADDING-LEFT: 4px; PADDING-RIGHT: 4px; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid; PADDING-TOP: 2px">&#160; </td>
<td>Form N-CSR</td>
</tr>

<tr>
<td colspan="3">For Period Ended:</td>
<td style="BORDER-BOTTOM: #000 1px solid" colspan="5">February&#160;28,&#160;2015 &#160; </td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000 1px solid; BORDER-LEFT: #000 1px solid; PADDING-BOTTOM: 2px; PADDING-LEFT: 4px; PADDING-RIGHT: 4px; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid; PADDING-TOP: 2px">&#160; </td>
<td colspan="5">Transition Report on Form 10-K</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000 1px solid; BORDER-LEFT: #000 1px solid; PADDING-BOTTOM: 2px; PADDING-LEFT: 4px; PADDING-RIGHT: 4px; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid; PADDING-TOP: 2px">&#160; </td>
<td colspan="5">Transition Report on Form 20-F</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000 1px solid; BORDER-LEFT: #000 1px solid; PADDING-BOTTOM: 2px; PADDING-LEFT: 4px; PADDING-RIGHT: 4px; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid; PADDING-TOP: 2px">&#160; </td>
<td colspan="5">Transition Report on Form 11-K</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000 1px solid; BORDER-LEFT: #000 1px solid; PADDING-BOTTOM: 2px; PADDING-LEFT: 4px; PADDING-RIGHT: 4px; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid; PADDING-TOP: 2px">&#160; </td>
<td colspan="5">Transition Report on Form 10-Q</td>
</tr>

<tr>
<td style="BORDER-BOTTOM: #000 1px solid; BORDER-LEFT: #000 1px solid; PADDING-BOTTOM: 2px; PADDING-LEFT: 4px; PADDING-RIGHT: 4px; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid; PADDING-TOP: 2px">&#160; </td>
<td colspan="5">Transition Report on Form N-SAR</td>
</tr>

<tr>
<td colspan="4">For the Transition Period Ended:</td>
<td style="BORDER-BOTTOM: #000 1px solid" colspan="8">&#160; </td>
</tr>
</table>

<div style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: center; BORDER-LEFT: #000 1px solid; PADDING-BOTTOM: 4px; MARGIN: 1em auto; PADDING-LEFT: 4px; PADDING-RIGHT: 4px; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid; PADDING-TOP: 4px">
<p style="FONT-STYLE: italic; MARGIN: 0px">Read Instruction (on back page) Before Preparing Form. Please Print or Type. </p>

<p style="MARGIN: 0px; FONT-WEIGHT: bold">Nothing in this form shall be construed to imply that the Commission has verified any information contained herein. </p>
</div>

<dl>
<dt style="MARGIN-BOTTOM: 0.5em">If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates: </dt>

<dd style="BORDER-BOTTOM: #000 1px solid; PADDING-BOTTOM: 4px; MARGIN-LEFT: 0px">Items 77B, 77K, 77Q1 &#160; </dd>
</dl>

<h3 style="MARGIN-TOP: 2em">Part I - Registrant Information</h3>

<dl>
<dd style="BORDER-BOTTOM: #000 1px solid; PADDING-BOTTOM: 2px; LINE-HEIGHT: 1.3em; MARGIN: 0px; FONT-SIZE: 16px; FONT-WEIGHT: bold">JAPAN SMALLER CAPITALIZATION FUND, INC. </dd>

<dt style="PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; MARGIN-BOTTOM: 1em; PADDING-TOP: 0px">Full Name of Registrant </dt>

<dd style="BORDER-BOTTOM: #000 1px solid; PADDING-BOTTOM: 2px; MARGIN: 0px">Japan OTC Equity Fund, Inc. </dd>

<dt style="PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; MARGIN-BOTTOM: 1em; PADDING-TOP: 0px">Former Name if Applicable </dt>

<dd style="BORDER-BOTTOM: #000 1px solid; PADDING-BOTTOM: 2px; MARGIN: 0px">Worldwide Plaza, 309 West 49th Street </dd>

<dt style="PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; MARGIN-BOTTOM: 1em; PADDING-TOP: 0px">Address of Principal Executive Office <em>(Street and Number)</em> </dt>

<dd style="BORDER-BOTTOM: #000 1px solid; PADDING-BOTTOM: 2px; MARGIN: 0px">New York, NY 10019-7316 </dd>

<dt style="PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; MARGIN-BOTTOM: 1em; PADDING-TOP: 0px">City, State and Zip Code</dt>
</dl>

<h3 style="PAGE-BREAK-BEFORE: always; MARGIN-TOP: 2em">Part II - Rules 12b-25(b) and (c)</h3>

<p>If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed.(Check box if appropriate.)</p>

<table id="ae3a7c9cf145447ba8c1a12baec9addf" border="0" cellspacing="0" cellpadding="4">
<tr>
<td style="PADDING-BOTTOM: 4px; PADDING-LEFT: 4px; WIDTH: 3%; PADDING-RIGHT: 4px; VERTICAL-ALIGN: middle; BORDER-RIGHT: #000 1px solid; PADDING-TOP: 4px" rowspan="3">
<p style="BORDER-BOTTOM: #000 1px solid; BORDER-LEFT: #000 1px solid; PADDING-BOTTOM: 2px; MARGIN: 2px; PADDING-LEFT: 2px; PADDING-RIGHT: 2px; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid; PADDING-TOP: 2px">&#8730; </p>
</td>
<td style="VERTICAL-ALIGN: top">(a)</td>
<td>The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense.</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top">(b)</td>
<td>The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top">(c)</td>
<td>The accountant's statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.</td>
</tr>
</table>

<h3 style="MARGIN-TOP: 2em">Part III - Narrative</h3>

<dl style="HEIGHT: 1%">
<dt style="BORDER-LEFT: 4px; MARGIN-BOTTOM: 0.5em">State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q,10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period. </dt>

<dd style="BORDER-LEFT: 4px; PADDING-BOTTOM: 4px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; MARGIN-LEFT: 0px; PADDING-TOP: 0px; solid: ">
<p style="BORDER-BOTTOM: #000 1px solid; PADDING-BOTTOM: 4px; MARGIN-BOTTOM: 0px">The Registrant was advised on April 24, 2015 that its independent public accounting firm is not independent under the SEC's Rules and Regulations as it pertains to the Registrant due to a transaction which occurred in the last quarter of 2014. The Registrant's most recent fiscal year ended on February 28, 2015. The Registrant is examining alternatives available to it under its current circumstances to complete the audit for its most recent fiscal year at the earliest practicable date and to obtain the letter required by Item 77B of Form N-SAR.</p>
</dd>
</dl>

<h3 style="MARGIN-TOP: 2em">Part IV - Other Information</h3>

<ol>
<li style="MARGIN-BOTTOM: 1em">
<p>Name and telephone number of person to contact in regard to this notification</p>

<table style="WIDTH: 100%" id="f4c8005063aa4d508671eff580ecfba3">
<tr style="TEXT-ALIGN: center; WIDTH: 60%; FONT-WEIGHT: bold">
<td style="BORDER-BOTTOM: #000 1px solid; PADDING-BOTTOM: 0px; PADDING-LEFT: 1em; PADDING-RIGHT: 1em; PADDING-TOP: 0px">Amy J. Marose</td>
<td style="BORDER-BOTTOM: #000 1px solid; PADDING-BOTTOM: 0px; PADDING-LEFT: 1em; WIDTH: 20%; PADDING-RIGHT: 1em; PADDING-TOP: 0px">212</td>
<td style="BORDER-BOTTOM: #000 1px solid; PADDING-BOTTOM: 0px; PADDING-LEFT: 1em; WIDTH: 20%; PADDING-RIGHT: 1em; PADDING-TOP: 0px">667-1414</td>
</tr>

<tr style="TEXT-ALIGN: center">
<td style="WIDTH: 60%">(Name)</td>
<td style="WIDTH: 20%">(Area Code)</td>
<td style="WIDTH: 20%">(Telephone Number)</td>
</tr>
</table>
</li>

<li style="MARGIN-BOTTOM: 1em">
<p>Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? </p>

<table id="aff93a52bb9041d3a64a647213d29211">
<tr>
<td>Yes&#160;</td>
<td style="BORDER-BOTTOM: #000 1px solid; BORDER-LEFT: #000 1px solid; PADDING-BOTTOM: 2px; PADDING-LEFT: 4px; PADDING-RIGHT: 4px; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid; PADDING-TOP: 2px">&#8730; </td>
<td>&#160;No&#160;</td>
<td style="BORDER-BOTTOM: #000 1px solid; BORDER-LEFT: #000 1px solid; PADDING-BOTTOM: 2px; PADDING-LEFT: 4px; PADDING-RIGHT: 4px; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid; PADDING-TOP: 2px">&#160; </td>
</tr>
</table>

<dl style="MARGIN-TOP: 0.5em">
<dt style="MARGIN-BOTTOM: 0.5em">If answer is no, identify report(s). </dt>
</dl>
</li>

<li style="MARGIN-BOTTOM: 1em">
<p>Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?</p>

<table id="5ee34c7801c1417480146f2f3ed983c2">
<tr>
<td>Yes&#160;</td>
<td style="BORDER-BOTTOM: #000 1px solid; BORDER-LEFT: #000 1px solid; PADDING-BOTTOM: 2px; PADDING-LEFT: 4px; PADDING-RIGHT: 4px; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid; PADDING-TOP: 2px">&#160; </td>
<td>&#160;No&#160;</td>
<td style="BORDER-BOTTOM: #000 1px solid; BORDER-LEFT: #000 1px solid; PADDING-BOTTOM: 2px; PADDING-LEFT: 4px; PADDING-RIGHT: 4px; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid; PADDING-TOP: 2px">&#8730; </td>
</tr>
</table>

<dl style="MARGIN-TOP: 0.5em">
<dt style="MARGIN-BOTTOM: 0.5em">If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made. </dt>
</dl>
</li>
</ol>

<div style="BORDER-BOTTOM: #000 6px solid; PAGE-BREAK-BEFORE: always; PADDING-BOTTOM: 2em; MARGIN-TOP: 2em; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP: #000 4px solid; PADDING-TOP: 2em">
<dl style="TEXT-ALIGN: center; MARGIN: 0px auto">
<dd style="BORDER-BOTTOM: #000 1px solid; LINE-HEIGHT: normal; MARGIN-LEFT: 0px; FONT-SIZE: 18px; FONT-WEIGHT: bold">Japan Smaller Capitalization Fund, Inc. </dd>

<dt>(Name of Registrant as Specified in Charter)</dt>
</dl>

<p>has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized</p>

<table style="WIDTH: 100%" id="739b218c50d64e3fb01cc38184ecfa4f">
<tr style="HEIGHT: 0em">
<td style="WIDTH: 5%; PADDING-RIGHT: 4px">Date:</td>
<td style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: left; WIDTH: 20%; FONT-SIZE: 14px; FONT-WEIGHT: bold">04-29-2015</td>
<td style="PADDING-BOTTOM: 0px; PADDING-LEFT: 2em; WIDTH: 8%; PADDING-RIGHT: 4px; PADDING-TOP: 0px">By /s/</td>
<td style="BORDER-BOTTOM: #000 1px solid; WIDTH: 34%; PADDING-RIGHT: 1em; FONT-SIZE: 14px; FONT-WEIGHT: bold">Yutaka Itabashi</td>
<td style="PADDING-BOTTOM: 0px; PADDING-LEFT: 2em; WIDTH: 5%; PADDING-RIGHT: 4px; PADDING-TOP: 0px">Title:</td>
<td style="BORDER-BOTTOM: #000 1px solid; WIDTH: 28%; PADDING-RIGHT: 1em; FONT-SIZE: 14px; FONT-WEIGHT: bold">President (Principal Executive Officer)</td>
</tr>
</table>

<p>INSTRUCTION: The form may be signed by an executive officer of the registrant or by any other duly authorized representative. The name and title of the person signing the form shall be typed or printed beneath the signature. If the statement is signed on behalf of the registrant by an authorized representative (other than an executive officer), evidence of the representative's authority to sign on behalf of the registrant shall be filed with the form. </p>

<div style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: center; BORDER-LEFT: #000 1px solid; PADDING-BOTTOM: 4px; LINE-HEIGHT: normal; MARGIN: 2em; PADDING-LEFT: 4px; PADDING-RIGHT: 4px; BORDER-TOP: #000 1px solid; FONT-WEIGHT: bold; BORDER-RIGHT: #000 1px solid; PADDING-TOP: 4px">
<h4 style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">Attention</h4>

<p style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">Intentional misstatements or omissions of fact constitute Federal Criminal Violations (See 18 U.S.C. 1001).</p>
</div>
</div>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit.htm
<TEXT>
<html>
<head>
<title>Unassociated Document</title>
<!--Licensed to: Summit Financial Printing
    Document created using EDGARfilings PROfile 3.3.0.0
    Copyright 1995 - 2015 Summit Financial Printing, LLC.  All rights reserved.-->
</head>
<body style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" bgcolor="#ffffff">
<div>
<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: times new roman; FONT-SIZE: 10pt" id="58275544c48f4ac3aac6fac0ce624497" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 27%" valign="top" align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">EY Logo</div>
</td>
<td style="WIDTH: 27%" valign="top" align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">Ernst &amp; Young LLP</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">5 Times Square</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">New York, NY 10036-6530</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div>
</td>
<td style="WIDTH: 27%" valign="top" align="left">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">Tel: +1 212 773 3000</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">Fax: +1 212 773 6350</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">www.ey.com</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">April 29, 2015</font><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">Ms. Amy Marose</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">Treasurer</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">Nomura Asset Management U.S.A. Inc.</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">World Wide Plaza</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">309 West 49<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> Street</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">New York, NY 10019</font><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">You have furnished Ernst &amp; Young LLP (&#8220;E&amp;Y&#8221;) a copy of your Form 12b-25 dated April 29, 2015, to be filed by Japan Smaller Capitalization Fund, Inc. (the &#8220;Company&#8221;).</font><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We have read the Company&#8217;s statements contained in Part III therein and we agree with the reason described therein which have caused E&amp;Y to be unable to issue its report on the Company&#8217;s financial statements on or before the date the Company&#8217;s N-SAR is required to be filed.</font><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">Very truly yours,</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">/s/ Ernst &amp; Young LLP</font><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">April 29, 2015</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
</div>
</body>
</html>

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