<SEC-DOCUMENT>0000905148-16-001560.txt : 20160429
<SEC-HEADER>0000905148-16-001560.hdr.sgml : 20160429
<ACCEPTANCE-DATETIME>20160429121320
ACCESSION NUMBER:		0000905148-16-001560
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160229
FILED AS OF DATE:		20160429
DATE AS OF CHANGE:		20160429
EFFECTIVENESS DATE:		20160429

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:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05992
		FILM NUMBER:		161604240

	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>
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SIGNATURE   AMY J MAROSE
TITLE       TREASURER

</TEXT>
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<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>efc16-344_ex9977b.htm
<TEXT>
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<title></title>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt"><u>Exhibit 99.77B Accountant Letter</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">Report of Independent Registered Public Accounting Firm</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><font style="FONT-WEIGHT: normal">To the Board of Directors and Shareholders</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><br>
</font><font style="FONT-WEIGHT: normal">Japan Smaller Capitalization Fund, Inc.</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif; COLOR: #000000"><br style="LINE-HEIGHT: 11.4pt">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><br>
</font>In planning and performing our audit of the financial statements of Japan Smaller Capitalization Fund, Inc. (the &#8220;Fund&#8221;), as of and for the year ended February 29, 2016, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund&#8217;s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Fund&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><br>
</font><br style="LINE-HEIGHT: 11.4pt">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><br>
</font>The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP). A fund&#8217;s internal control over financial reporting includes those policies and procedures that <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif; FONT-STYLE: italic">(a)</font> pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif; FONT-STYLE: italic">(b)</font> provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and directors of the fund; and <font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif; FONT-STYLE: italic">(c)</font> provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund&#8217;s assets that could have a material effect on the financial statements.<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><br>
</font><br style="LINE-HEIGHT: 11.4pt">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><br>
</font>Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><br>
</font><br style="LINE-HEIGHT: 11.4pt">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><br>
</font>A deficiency in internal control<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif; FONT-STYLE: italic">&#160;</font>over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif; FONT-STYLE: italic">&#160;</font>is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund&#8217;s annual or interim financial statements will not be prevented or detected on a timely basis.<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><br>
</font><br style="LINE-HEIGHT: 11.4pt">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><br>
</font>Our consideration of the Fund&#8217;s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily identify all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Fund&#8217;s internal control over financial reporting and its operation, including controls over safeguarding of securities that we consider to be a material weakness as defined above as of February 29, 2016.<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><br>
</font><br style="LINE-HEIGHT: 11.4pt">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><br>
</font>This report is intended solely for the information and use of management and the Board of Directors of the Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><br>
</font></font><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">/s/ RSM US LLP<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><br>
</font><br style="LINE-HEIGHT: 11.4pt">
<font style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif"><br>
</font> Boston, Massachusetts</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial, sans-serif; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">April 22, 2016</div>
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