<SEC-DOCUMENT>0001752724-22-233887.txt : 20221024
<SEC-HEADER>0001752724-22-233887.hdr.sgml : 20221024
<ACCEPTANCE-DATETIME>20221024154757
ACCESSION NUMBER:		0001752724-22-233887
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20220831
FILED AS OF DATE:		20221024
DATE AS OF CHANGE:		20221024
PERIOD START:           	20230228

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:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05992
		FILM NUMBER:		221326042

	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>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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      <regFileNumber>811-05992</regFileNumber>
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      <regStreet1>309 West 49th St.</regStreet1>
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      <repPdEnd>2023-02-28</repPdEnd>
      <repPdDate>2022-08-31</repPdDate>
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      <totLiabs>287580.24</totLiabs>
      <netAssets>212123095.81</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
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        <name>Shinpo Co. Ltd.</name>
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        <title>Shinpo Co. Ltd.</title>
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        <name>Mabuchi Motor Co. Ltd.</name>
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        <title>Mabuchi Motor Co. Ltd.</title>
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        <name>PAL GROUP Holdings Co. Ltd.</name>
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        <name>Create SD Holdings Co. Ltd.</name>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kyoei Steel Ltd.</name>
        <lei>N/A</lei>
        <title>Kyoei Steel Ltd.</title>
        <cusip>J3784P100</cusip>
        <identifiers>
          <isin value="JP3247400009"/>
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        <balance>195000.00000000</balance>
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        <valUSD>2160341.66000000</valUSD>
        <pctVal>1.018437738592</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kyokuto Kaihatsu Kogyo Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Kyokuto Kaihatsu Kogyo Co. Ltd.</title>
        <cusip>J3775L100</cusip>
        <identifiers>
          <isin value="JP3256900006"/>
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        <balance>101400.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="138.73500000"/>
        <valUSD>1002780.84000000</valUSD>
        <pctVal>0.472735340850</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The San-in Godo Bank Ltd.</name>
        <lei>353800I3C5900CEME762</lei>
        <title>The San-in Godo Bank Ltd.</title>
        <cusip>J67220103</cusip>
        <identifiers>
          <isin value="JP3324000003"/>
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        <balance>448500.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="138.73500000"/>
        <valUSD>2217688.40000000</valUSD>
        <pctVal>1.045472390232</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sumitomo Osaka Cement Co. Ltd.</name>
        <lei>5299001WJ26J6HQN5D67</lei>
        <title>Sumitomo Osaka Cement Co. Ltd.</title>
        <cusip>J77734101</cusip>
        <identifiers>
          <isin value="JP3400900001"/>
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        <balance>19400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="138.73500000"/>
        <valUSD>493617.33000000</valUSD>
        <pctVal>0.232703246251</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Starts Corporation Inc.</name>
        <lei>N/A</lei>
        <title>Starts Corporation Inc.</title>
        <cusip>J76702109</cusip>
        <identifiers>
          <isin value="JP3399200009"/>
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        <balance>84200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="138.73500000"/>
        <valUSD>1628953.04000000</valUSD>
        <pctVal>0.767928185179</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Asia Pile Holdings Corporation</name>
        <lei>N/A</lei>
        <title>Asia Pile Holdings Corporation</title>
        <cusip>J28007102</cusip>
        <identifiers>
          <isin value="JP3389640008"/>
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        <balance>767400.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="138.73500000"/>
        <valUSD>2793361.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mizuho Leasing Company Limited</name>
        <lei>N/A</lei>
        <title>Mizuho Leasing Company Limited</title>
        <cusip>J2308V106</cusip>
        <identifiers>
          <isin value="JP3286500008"/>
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        <balance>56200.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="138.73500000"/>
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        <pctVal>0.643564711700</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SG Holdings Co. Ltd.</name>
        <lei>N/A</lei>
        <title>SG Holdings Co. Ltd.</title>
        <cusip>J7134P108</cusip>
        <identifiers>
          <isin value="JP3162770006"/>
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        <balance>80700.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="138.73500000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JVCkenwood Corporation</name>
        <lei>529900GGYCEJXM5Y6961</lei>
        <title>JVCkenwood Corporation</title>
        <cusip>J29697109</cusip>
        <identifiers>
          <isin value="JP3386410009"/>
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        <balance>741400.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="138.73500000"/>
        <valUSD>1095520.24000000</valUSD>
        <pctVal>0.516454955466</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Daishi Hokuetsu Financial Group Inc.</name>
        <lei>N/A</lei>
        <title>Daishi Hokuetsu Financial Group Inc.</title>
        <cusip>J10795102</cusip>
        <identifiers>
          <isin value="JP3483850008"/>
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        <balance>60100.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="138.73500000"/>
        <valUSD>1136283.56000000</valUSD>
        <pctVal>0.535671778530</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Piolax Inc.</name>
        <lei>N/A</lei>
        <title>Piolax Inc.</title>
        <cusip>J63815104</cusip>
        <identifiers>
          <isin value="JP3780400002"/>
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        <balance>73100.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="138.73500000"/>
        <valUSD>1064345.70000000</valUSD>
        <pctVal>0.501758517117</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morita Holdings Corporation </name>
        <lei>N/A</lei>
        <title>Morita Holdings Corporation </title>
        <cusip>J46604104</cusip>
        <identifiers>
          <isin value="JP3925600003"/>
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        <balance>250200.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="138.73500000"/>
        <valUSD>2290366.53000000</valUSD>
        <pctVal>1.079734632975</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Okinawa Financial Group Inc.</name>
        <lei>N/A</lei>
        <title>Okinawa Financial Group Inc.</title>
        <cusip>J60816105</cusip>
        <identifiers>
          <isin value="JP3194750000"/>
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        <balance>143800.00000000</balance>
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        <valUSD>2219164.59000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Nichirei Corporation</name>
        <lei>529900MX3GPXXKO0MT06</lei>
        <title>Nichirei Corporation</title>
        <cusip>J49764145</cusip>
        <identifiers>
          <isin value="JP3665200006"/>
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        <balance>203700.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>The Gunma Bank Ltd.</name>
        <lei>54930054A69VC4I5BP89</lei>
        <title>The Gunma Bank Ltd.</title>
        <cusip>J17766106</cusip>
        <identifiers>
          <isin value="JP3276400003"/>
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        <balance>495500.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="138.73500000"/>
        <valUSD>1389335.78000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Amiyaki Tei Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Amiyaki Tei Co. Ltd. </title>
        <cusip>J01407105</cusip>
        <identifiers>
          <isin value="JP3124450002"/>
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        <balance>133100.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="138.73500000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Tokai Rika Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Tokai Rika Co. Ltd.</title>
        <cusip>J85968105</cusip>
        <identifiers>
          <isin value="JP3566600007"/>
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        <balance>163500.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Aica Kogyo Company Limited</name>
        <lei>353800I589BKZAOJD116</lei>
        <title>Aica Kogyo Company Limited</title>
        <cusip>J00252106</cusip>
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          <isin value="JP3100800006"/>
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        <balance>129200.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OBIC Co. Ltd.</name>
        <lei>N/A</lei>
        <title>OBIC Co. Ltd.</title>
        <cusip>J5946V107</cusip>
        <identifiers>
          <isin value="JP3173400007"/>
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        <balance>8400.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Komatsu Wall Industry Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Komatsu Wall Industry Co. Ltd.</title>
        <cusip>J35867100</cusip>
        <identifiers>
          <isin value="JP3303200004"/>
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        <balance>24400.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="138.73500000"/>
        <valUSD>335921.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nippon Seiki Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Nippon Seiki Co. Ltd.</title>
        <cusip>J55483101</cusip>
        <identifiers>
          <isin value="JP3720600000"/>
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        <balance>366700.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EXEO Group Inc.</name>
        <lei>N/A</lei>
        <title>EXEO Group Inc.</title>
        <cusip>J38232104</cusip>
        <identifiers>
          <isin value="JP3254200003"/>
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        <balance>291100.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="138.73500000"/>
        <valUSD>4494440.48000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Izumi Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Izumi Co. Ltd.</title>
        <cusip>J25725110</cusip>
        <identifiers>
          <isin value="JP3138400001"/>
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        <balance>177900.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="138.73500000"/>
        <valUSD>3859725.38000000</valUSD>
        <pctVal>1.819568663780</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Maruzen Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Maruzen Co. Ltd.</title>
        <cusip>J40734105</cusip>
        <identifiers>
          <isin value="JP3875610002"/>
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      <invstOrSec>
        <name>Trancom Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Trancom Co. Ltd. </title>
        <cusip>J9297N102</cusip>
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          <isin value="JP3635650009"/>
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      <invstOrSec>
        <name>Kamigumi Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Kamigumi Co. Ltd.</title>
        <cusip>J29438165</cusip>
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          <isin value="JP3219000001"/>
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      <invstOrSec>
        <name>Nishio Rent All Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Nishio Rent All Co. Ltd.</title>
        <cusip>J56902109</cusip>
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          <isin value="JP3657500009"/>
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      <invstOrSec>
        <name>Kohsoku Corporation</name>
        <lei>N/A</lei>
        <title>Kohsoku Corporation</title>
        <cusip>J34803106</cusip>
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          <isin value="JP3288900008"/>
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      <invstOrSec>
        <name>Nichirin Co. Ltd.  </name>
        <lei>N/A</lei>
        <title>Nichirin Co. Ltd.  </title>
        <cusip>J4983T109</cusip>
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          <isin value="JP3665000000"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fukuoka Financial Group Inc.</name>
        <lei>N/A</lei>
        <title>Fukuoka Financial Group Inc.</title>
        <cusip>J17129107</cusip>
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          <isin value="JP3805010000"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Totetsu Kogyo Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Totetsu Kogyo Co. Ltd.</title>
        <cusip>J90182106</cusip>
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          <isin value="JP3595400007"/>
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      <invstOrSec>
        <name>The Hyakugo Bank Ltd.</name>
        <lei>549300BYCCERC5EKUX15</lei>
        <title>The Hyakugo Bank Ltd.</title>
        <cusip>J22890107</cusip>
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          <isin value="JP3793800008"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kyushu Electric Power Company</name>
        <lei>549300BYNZPLKQVQH430</lei>
        <title>Kyushu Electric Power Company</title>
        <cusip>J38468104</cusip>
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          <isin value="JP3246400000"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Foster Electric Company Limited</name>
        <lei>N/A</lei>
        <title>Foster Electric Company Limited</title>
        <cusip>J13650106</cusip>
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          <isin value="JP3802800007"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Yondenko Corporation</name>
        <lei>N/A</lei>
        <title>Yondenko Corporation</title>
        <cusip>J72036106</cusip>
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          <isin value="JP3962600007"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Keiyo Gas Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Keiyo Gas Co. Ltd. </title>
        <cusip>J32362105</cusip>
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          <isin value="JP3281400006"/>
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        <invCountry>JP</invCountry>
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        <name>Makino Milling Machine Co. Ltd.</name>
        <lei>353800JAOIGQ7V5T9078</lei>
        <title>Makino Milling Machine Co. Ltd.</title>
        <cusip>J39530100</cusip>
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        <name>SIIX Corporation</name>
        <lei>N/A</lei>
        <title>SIIX Corporation</title>
        <cusip>J75511105</cusip>
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        <name>Seria Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Seria Co. Ltd.</title>
        <cusip>J7113X106</cusip>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Yurtec Corporation</name>
        <lei>N/A</lei>
        <title>Yurtec Corporation</title>
        <cusip>J85087104</cusip>
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          <isin value="JP3946200007"/>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>Godo Steel Ltd.</name>
        <lei>N/A</lei>
        <title>Godo Steel Ltd.</title>
        <cusip>J17388117</cusip>
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          <isin value="JP3307800007"/>
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        <name>JM Holdings Co. Ltd.</name>
        <lei>N/A</lei>
        <title>JM Holdings Co. Ltd.</title>
        <cusip>J2789W102</cusip>
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        <name>Pan Pacific International Holdings Corporation</name>
        <lei>529900QLHJM2E18A5763</lei>
        <title>Pan Pacific International Holdings Corporation</title>
        <cusip>J6352W100</cusip>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>The Musashino Bank Ltd.</name>
        <lei>353800L8RJMVN2OOS612</lei>
        <title>The Musashino Bank Ltd.</title>
        <cusip>J46883104</cusip>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nichia Steel Works Ltd. </name>
        <lei>N/A</lei>
        <title>Nichia Steel Works Ltd. </title>
        <cusip>J49248107</cusip>
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      <invstOrSec>
        <name>Osaka Steel Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Osaka Steel Co. Ltd.</title>
        <cusip>J62772108</cusip>
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          <isin value="JP3184600009"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>The Yokohama Rubber Co. Ltd.</name>
        <lei>52990036XNWY2FMYWB76</lei>
        <title>The Yokohama Rubber Co. Ltd.</title>
        <cusip>J97536171</cusip>
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          <isin value="JP3955800002"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Topre Corporation</name>
        <lei>N/A</lei>
        <title>Topre Corporation</title>
        <cusip>J89365100</cusip>
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      <invstOrSec>
        <name>Soken Chemical &amp; Engineering Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Soken Chemical &amp; Engineering Co. Ltd. </title>
        <cusip>J76085109</cusip>
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      <invstOrSec>
        <name>Ricoh Leasing Company Ltd.</name>
        <lei>N/A</lei>
        <title>Ricoh Leasing Company Ltd.</title>
        <cusip>J64694102</cusip>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>The Akita Bank Ltd.</name>
        <lei>353800N5LZ62LYDUOK89</lei>
        <title>The Akita Bank Ltd.</title>
        <cusip>J01092105</cusip>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>Sekisui Jushi Corporation</name>
        <lei>N/A</lei>
        <title>Sekisui Jushi Corporation</title>
        <cusip>J70789110</cusip>
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          <isin value="JP3420200002"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>The Yamanashi Chuo Bank Ltd. </name>
        <lei>353800DUD9B4IAIADJ68</lei>
        <title>The Yamanashi Chuo Bank Ltd. </title>
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          <isin value="JP3942000005"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Meiko Trans Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Meiko Trans Co. Ltd. </title>
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          <isin value="JP3915400000"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>The Okinawa Electric Power Company</name>
        <lei>N/A</lei>
        <title>The Okinawa Electric Power Company</title>
        <cusip>J60815107</cusip>
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          <isin value="JP3194700005"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sakata Inx Corporation</name>
        <lei>N/A</lei>
        <title>Sakata Inx Corporation</title>
        <cusip>J66661125</cusip>
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          <isin value="JP3314800008"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Yamashin-Filter Corporation</name>
        <lei>N/A</lei>
        <title>Yamashin-Filter Corporation</title>
        <cusip>J96264106</cusip>
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          <isin value="JP3936600000"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>The Taiko Bank Ltd. </name>
        <lei>3538003H3GIODN7ZSJ40</lei>
        <title>The Taiko Bank Ltd. </title>
        <cusip>J79475109</cusip>
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          <isin value="JP3441600008"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Otsuka Corporation</name>
        <lei>529900RG9DJ58J3UIE72</lei>
        <title>Otsuka Corporation</title>
        <cusip>J6243L115</cusip>
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          <isin value="JP3188200004"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Nitto Kohki Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Nitto Kohki Co. Ltd.</title>
        <cusip>J58676107</cusip>
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          <isin value="JP3682300003"/>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>Ryoden Corporation</name>
        <lei>N/A</lei>
        <title>Ryoden Corporation</title>
        <cusip>J65715120</cusip>
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      <invstOrSec>
        <name>The Pack Corporation</name>
        <lei>N/A</lei>
        <title>The Pack Corporation</title>
        <cusip>J63492102</cusip>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>Cosmos Pharmaceutical Corporation</name>
        <lei>N/A</lei>
        <title>Cosmos Pharmaceutical Corporation</title>
        <cusip>J08959108</cusip>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kanaden Corporation</name>
        <lei>N/A</lei>
        <title>Kanaden Corporation</title>
        <cusip>J29524105</cusip>
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          <isin value="JP3215000005"/>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>Taihei Dengyo Kaisha Ltd.</name>
        <lei>N/A</lei>
        <title>Taihei Dengyo Kaisha Ltd.</title>
        <cusip>J79088100</cusip>
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          <isin value="JP3447200001"/>
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        <name>Step Co. Ltd. </name>
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        <title>Step Co. Ltd. </title>
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        <name>Okinawa Cellular Telephone Company</name>
        <lei>N/A</lei>
        <title>Okinawa Cellular Telephone Company</title>
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        <name>Nakanishi Inc. </name>
        <lei>353800EXA7IQ42YKF224</lei>
        <title>Nakanishi Inc. </title>
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      <invstOrSec>
        <name>Miura Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Miura Co. Ltd.</title>
        <cusip>J45593100</cusip>
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      <invstOrSec>
        <name>Toenec Corporation</name>
        <lei>N/A</lei>
        <title>Toenec Corporation</title>
        <cusip>J85624112</cusip>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chubu Steel Plate Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Chubu Steel Plate Co. Ltd. </title>
        <cusip>J06720106</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Matching Service Japan Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Matching Service Japan Co. Ltd.</title>
        <cusip>J40832107</cusip>
        <identifiers>
          <isin value="JP3167330004"/>
        </identifiers>
        <balance>35800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="138.73500000"/>
        <valUSD>205662.59000000</valUSD>
        <pctVal>0.096954360021</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Yushiro Chemical Industry Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Yushiro Chemical Industry Co. Ltd.</title>
        <cusip>J98548100</cusip>
        <identifiers>
          <isin value="JP3948400001"/>
        </identifiers>
        <balance>267500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="138.73500000"/>
        <valUSD>1719897.65000000</valUSD>
        <pctVal>0.810801692023</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>T&amp;K Toka Co. Ltd.</name>
        <lei>N/A</lei>
        <title>T&amp;K Toka Co. Ltd.</title>
        <cusip>J83582106</cusip>
        <identifiers>
          <isin value="JP3538570007"/>
        </identifiers>
        <balance>327500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="138.73500000"/>
        <valUSD>2509334.34000000</valUSD>
        <pctVal>1.182961398153</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AOI Electronics Co. Ltd.</name>
        <lei>N/A</lei>
        <title>AOI Electronics Co. Ltd.</title>
        <cusip>J01586106</cusip>
        <identifiers>
          <isin value="JP3105280006"/>
        </identifiers>
        <balance>62300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="138.73500000"/>
        <valUSD>902605.69000000</valUSD>
        <pctVal>0.425510332363</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sugimoto &amp; Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Sugimoto &amp; Co. Ltd. </title>
        <cusip>J7682N109</cusip>
        <identifiers>
          <isin value="JP3397050000"/>
        </identifiers>
        <balance>67200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="138.73500000"/>
        <valUSD>965847.12000000</valUSD>
        <pctVal>0.455323884611</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hi-Lex Corporation</name>
        <lei>N/A</lei>
        <title>Hi-Lex Corporation</title>
        <cusip>J20749107</cusip>
        <identifiers>
          <isin value="JP3699600007"/>
        </identifiers>
        <balance>413400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="138.73500000"/>
        <valUSD>3206245.00000000</valUSD>
        <pctVal>1.511502077487</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shikoku Chemicals Corporation</name>
        <lei>N/A</lei>
        <title>Shikoku Chemicals Corporation</title>
        <cusip>J71993117</cusip>
        <identifiers>
          <isin value="JP3349600001"/>
        </identifiers>
        <balance>219000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="138.73500000"/>
        <valUSD>1968450.64000000</valUSD>
        <pctVal>0.927975632489</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fujikura Kasei Co. Ltd. </name>
        <lei>N/A</lei>
        <title>Fujikura Kasei Co. Ltd. </title>
        <cusip>J14742100</cusip>
        <identifiers>
          <isin value="JP3811200009"/>
        </identifiers>
        <balance>1608900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="138.73500000"/>
        <valUSD>5508541.46000000</valUSD>
        <pctVal>2.596860770377</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rinnai Corporation</name>
        <lei>N/A</lei>
        <title>Rinnai Corporation</title>
        <cusip>J65199101</cusip>
        <identifiers>
          <isin value="JP3977400005"/>
        </identifiers>
        <balance>16800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="138.73500000"/>
        <valUSD>1298129.53000000</valUSD>
        <pctVal>0.611969915413</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MIRAIT ONE Corporation</name>
        <lei>353800RI3EZVEIDAEL62</lei>
        <title>MIRAIT ONE Corporation</title>
        <cusip>J4307G106</cusip>
        <identifiers>
          <isin value="JP3910620008"/>
        </identifiers>
        <balance>187000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="138.73500000"/>
        <valUSD>2110801.17000000</valUSD>
        <pctVal>0.995083143558</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented on Item B.5.a have been calculated without deducting sales loads." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2022-09-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Japan Smaller Capitalization Fund, Inc.</ncom:nameOfApplicant>
      <ncom:signature>Amy J. Robles</ncom:signature>
      <ncom:signerName>Amy J. Robles</ncom:signerName>
      <ncom:title>Treasurer, Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
