<SEC-DOCUMENT>0001752724-25-099333.txt : 20250509
<SEC-HEADER>0001752724-25-099333.hdr.sgml : 20250509
<ACCEPTANCE-DATETIME>20250509161818
ACCESSION NUMBER:		0001752724-25-099333
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250228
FILED AS OF DATE:		20250509
DATE AS OF CHANGE:		20250509
EFFECTIVENESS DATE:		20250509

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05992
		FILM NUMBER:		25930689

	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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<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>JOF_NCEN.htm
<DESCRIPTION>AUDITOR'S LETTER
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Report of Independent Registered Public Accounting
Firm</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">To the Shareholders and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Board of Directors of Japan Smaller Capitalization Fund, Inc.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0pt 0pt">In planning and performing our audit of the financial statements
of Japan Smaller Capitalization Fund, Inc. (the Company) as of and for the year ended February 28, 2025, in accordance with the standards
of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Company&rsquo;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-CEN, but not for the purpose of expressing an opinion
on the effectiveness of the Company&rsquo;s internal control over financial reporting. Accordingly, we express no such opinion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0pt 0pt">The management of the Company 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 company&rsquo;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 U.S. generally accepted accounting principles. A company&rsquo;s internal control
over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles,
and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of
the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition
of a company&rsquo;s assets that could have a material effect on the financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0pt 0pt">Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of any evaluation 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0pt 0pt">A deficiency in internal control 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 is a deficiency, or a combination of deficiencies, in internal
control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company&rsquo;s annual
or interim financial statements will not be prevented or detected on a timely basis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0pt 0pt">Our consideration of the Company&rsquo;s internal control over
financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies
in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in
the Company&rsquo;s internal control over financial reporting and its operation, including controls over safeguarding securities, that
we consider to be a material weakness as defined above as of February 28, 2025.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0pt 24pt">This report is intended solely for the information and use of
management and the Board of Directors of Japan Smaller Capitalization Fund, Inc. and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified parties.</P>







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    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt; width: 35%">/s/ Ernst &amp; Young
    LLP</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
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  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt">New York, New York</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt">April 28, 2025</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0pt">&nbsp;</TD></TR>
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