<SEC-DOCUMENT>0001003715-25-001011.txt : 20251030
<SEC-HEADER>0001003715-25-001011.hdr.sgml : 20251030
<ACCEPTANCE-DATETIME>20251030094607
ACCESSION NUMBER:		0001003715-25-001011
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250831
FILED AS OF DATE:		20251030
DATE AS OF CHANGE:		20251030
PERIOD START:           	20260228

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:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05992
		FILM NUMBER:		251432578

	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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      <repPdDate>2025-08-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>7237040.08</totLiabs>
      <netAssets>337031444.65</netAssets>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SHIKOKU ELECTRIC POWER C /JPY/</name>
        <lei>353800KWK6U7ZCIWXS64</lei>
        <title>SHIKOKU ELECTRIC POWER CO /JPY/</title>
        <cusip>J72079106</cusip>
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          <isin value="JP3350800003"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ADEKA CORPORATION /JPY/</name>
        <lei>N/A</lei>
        <title>ADEKA CORPORATION /JPY/</title>
        <cusip>J0011Q109</cusip>
        <identifiers>
          <isin value="JP3114800000"/>
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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>
      <invstOrSec>
        <name>DAIHEN CORP /JPY/</name>
        <lei>353800VGTLA3QRNG5478</lei>
        <title>DAIHEN CORP /JPY/</title>
        <cusip>J09114109</cusip>
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          <isin value="JP3497800007"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CREATE SD HOLDINGS CO /JPY/</name>
        <lei>N/A</lei>
        <title>CREATE SD HOLDINGS CO /JPY/</title>
        <cusip>J09178104</cusip>
        <identifiers>
          <isin value="JP3269940007"/>
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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>KYOKUTO KAIHATSU KOGYO /JPY/</name>
        <lei>N/A</lei>
        <title>KYOKUTO KAIHATSU KOGYO /JPY/</title>
        <cusip>J3775L100</cusip>
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          <isin value="JP3256900006"/>
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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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      <invstOrSec>
        <name>77 BANK LTD/THE /JPY/</name>
        <lei>549300U6CT3EHB9XS980</lei>
        <title>77 BANK LTD/THE /JPY/</title>
        <cusip>J71348106</cusip>
        <identifiers>
          <isin value="JP3352000008"/>
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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>
      <invstOrSec>
        <name>GMO INTERNET GROUP INC /JPY/</name>
        <lei>529900BFZEY3BESHBW90</lei>
        <title>GMO INTERNET GROUP INC /JPY/</title>
        <cusip>J1822R104</cusip>
        <identifiers>
          <isin value="JP3152750000"/>
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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>
      <invstOrSec>
        <name>SUMITOMO OSAKA CEMENT CO /JPY/</name>
        <lei>5299001WJ26J6HQN5D67</lei>
        <title>SUMITOMO OSAKA CEMENT CO LTD /JPY/</title>
        <cusip>J77734101</cusip>
        <identifiers>
          <isin value="JP3400900001"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TACHIBANA ELETECH CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>TACHIBANA ELETECH CO LTD /JPY/</title>
        <cusip>J78744109</cusip>
        <identifiers>
          <isin value="JP3466600008"/>
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        <balance>122800.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DAICEL CORP /JPY/__</name>
        <lei>353800ZG4XF6D7NZGS72</lei>
        <title>DAICEL CORP /JPY/__</title>
        <cusip>J08484149</cusip>
        <identifiers>
          <isin value="JP3485800001"/>
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        <balance>360000.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="146.91000000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ASIA PILE HOLDINGS CORP /JPY/</name>
        <lei>N/A</lei>
        <title>ASIA PILE HOLDINGS CORP /JPY/</title>
        <cusip>J28007102</cusip>
        <identifiers>
          <isin value="JP3389640008"/>
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        <balance>579000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CHARM CARE CORP /JPY/</name>
        <lei>N/A</lei>
        <title>CHARM CARE CORP /JPY/</title>
        <cusip>J0625A102</cusip>
        <identifiers>
          <isin value="JP3512740006"/>
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        <balance>167800.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>M&amp;A RESEARCH INSTITUTE H /JPY/</name>
        <lei>N/A</lei>
        <title>M&amp;A RESEARCH INSTITUTE HOLDI /JPY/</title>
        <cusip>J3971G103</cusip>
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          <isin value="JP3167370000"/>
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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>MIZUHO LEASING CO  /JPY/</name>
        <lei>353800O6EEA5GK30Z659</lei>
        <title>MIZUHO LEASING CO LTD /JPY/</title>
        <cusip>J2308V106</cusip>
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          <isin value="JP3286500008"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>OSAKA SODA CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>OSAKA SODA CO LTD /JPY/</title>
        <cusip>J62707104</cusip>
        <identifiers>
          <isin value="JP3485900009"/>
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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>TSUMURA &amp; CO /JPY/</name>
        <lei>N/A</lei>
        <title>TSUMURA &amp; CO /JPY/</title>
        <cusip>J93407120</cusip>
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          <isin value="JP3535800001"/>
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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>DAISHI HOKUETSU FINANCIA /JPY/</name>
        <lei>N/A</lei>
        <title>DAISHI HOKUETSU FINANCIAL GR /JPY/</title>
        <cusip>J10795102</cusip>
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          <isin value="JP3483850008"/>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>MORITA HOLDINGS CORPORATION /JPY/</name>
        <lei>N/A</lei>
        <title>MORITA HOLDINGS CORPORATION /JPY/</title>
        <cusip>J46604104</cusip>
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          <isin value="JP3925600003"/>
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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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        <name>NIPPN CORP /JPY/</name>
        <lei>353800V7HRZ1HQGJCW63</lei>
        <title>NIPPN CORP /JPY/</title>
        <cusip>J5179A101</cusip>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KASUMIGASEKI CAPITAL CO  /JPY/</name>
        <lei>353800K2AQIR06QHCT28</lei>
        <title>KASUMIGASEKI CAPITAL CO LTD /JPY/</title>
        <cusip>J3087N109</cusip>
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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>SAKAI CHEMICAL INDUSTRY  /JPY/</name>
        <lei>N/A</lei>
        <title>SAKAI CHEMICAL INDUSTRY CO /JPY/</title>
        <cusip>J66489121</cusip>
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          <isin value="JP3312800000"/>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>YOSHIMURA FOOD HOLDINGS  /JPY/</name>
        <lei>N/A</lei>
        <title>YOSHIMURA FOOD HOLDINGS KK /JPY/</title>
        <cusip>J97977102</cusip>
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          <isin value="JP3958400008"/>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MORINAGA &amp; CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>MORINAGA &amp; CO LTD /JPY/</title>
        <cusip>J46367108</cusip>
        <identifiers>
          <isin value="JP3926400007"/>
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        <valUSD>1807887.82000000</valUSD>
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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>RIKEN TECHNOS CORP /JPY/</name>
        <lei>353800S7OXXKLNDX3U70</lei>
        <title>RIKEN TECHNOS CORP /JPY/</title>
        <cusip>J65070112</cusip>
        <identifiers>
          <isin value="JP3973000007"/>
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        <balance>251400.00000000</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>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LIFE CORP /JPY/</name>
        <lei>N/A</lei>
        <title>LIFE CORP /JPY/</title>
        <cusip>J38828109</cusip>
        <identifiers>
          <isin value="JP3966600003"/>
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        <balance>230200.00000000</balance>
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        <valUSD>3856253.49000000</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>TAIKISHA LTD /JPY/</name>
        <lei>3538005OOQOUE7DBWV52</lei>
        <title>TAIKISHA LTD /JPY/</title>
        <cusip>J79389102</cusip>
        <identifiers>
          <isin value="JP3441200007"/>
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        <balance>188600.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="146.91000000"/>
        <valUSD>3746067.66000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NICHIREI CORP /JPY/</name>
        <lei>529900MX3GPXXKO0MT06</lei>
        <title>NICHIREI CORP /JPY/</title>
        <cusip>J49764145</cusip>
        <identifiers>
          <isin value="JP3665200006"/>
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        <balance>129600.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="146.91000000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CREDIT SAISON CO LTD /JPY/</name>
        <lei>529900SV58ZWTGRH3A66</lei>
        <title>CREDIT SAISON CO LTD /JPY/</title>
        <cusip>J7007M109</cusip>
        <identifiers>
          <isin value="JP3271400008"/>
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        <balance>80000.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="146.91000000"/>
        <valUSD>2057314.00000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>HAMAKYOREX CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>HAMAKYOREX CO LTD /JPY/</title>
        <cusip>J1825T107</cusip>
        <identifiers>
          <isin value="JP3771150004"/>
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        <balance>187700.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="146.91000000"/>
        <valUSD>1925423.05000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KOMATSU WALL INDUSTRY CO /JPY/</name>
        <lei>N/A</lei>
        <title>KOMATSU WALL INDUSTRY CO LTD /JPY/</title>
        <cusip>J35867100</cusip>
        <identifiers>
          <isin value="JP3303200004"/>
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        <balance>295600.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="146.91000000"/>
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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>
      <invstOrSec>
        <name>NIPPON SEIKI CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>NIPPON SEIKI CO LTD /JPY/</title>
        <cusip>J55483101</cusip>
        <identifiers>
          <isin value="JP3720600000"/>
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        <balance>594900.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="146.91000000"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>WORLD CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>WORLD CO LTD /JPY/</title>
        <cusip>J95171120</cusip>
        <identifiers>
          <isin value="JP3990210001"/>
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        <balance>76700.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="146.91000000"/>
        <valUSD>1581927.71000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BUYSELL TECHNOLOGIES CO  /JPY/</name>
        <lei>353800QCRDO2G02AM851</lei>
        <title>BUYSELL TECHNOLOGIES CO LTD /JPY/</title>
        <cusip>J04863106</cusip>
        <identifiers>
          <isin value="JP3778270003"/>
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        <balance>289500.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="146.91000000"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MARUZEN CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>MARUZEN CO LTD /JPY/</title>
        <cusip>J40734105</cusip>
        <identifiers>
          <isin value="JP3875610002"/>
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        <balance>80400.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ULVAC INC /JPY/</name>
        <lei>N/A</lei>
        <title>ULVAC INC /JPY/</title>
        <cusip>J94048105</cusip>
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          <isin value="JP3126190002"/>
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        <balance>44600.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WACOM CO LTD /JPY/</name>
        <lei>353800R3B771OQOQPT02</lei>
        <title>WACOM CO LTD /JPY/</title>
        <cusip>J9467Z109</cusip>
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          <isin value="JP3993400005"/>
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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>NICHIRIN CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>NICHIRIN CO LTD /JPY/</title>
        <cusip>J4983T109</cusip>
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          <isin value="JP3665000000"/>
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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>KOMEHYO HOLDINGS CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>KOMEHYO HOLDINGS CO LTD /JPY/</title>
        <cusip>J3589F109</cusip>
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          <isin value="JP3305590006"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>YONDENKO CORP /JPY/</name>
        <lei>N/A</lei>
        <title>YONDENKO CORP /JPY/</title>
        <cusip>J72036106</cusip>
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          <isin value="JP3962600007"/>
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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>KOSAIDO CO LTD /JPY/</name>
        <lei>N/A</lei>
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        <cusip>J3S44L105</cusip>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>NIPPON AVIONICS CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>NIPPON AVIONICS CO LTD /JPY/</title>
        <cusip>J52000106</cusip>
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          <isin value="JP3686200001"/>
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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>QOL HOLDINGS CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>QOL HOLDINGS CO LTD /JPY/</title>
        <cusip>J64663107</cusip>
        <identifiers>
          <isin value="JP3266160005"/>
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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>JM HOLDINGS CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>JM HOLDINGS CO LTD /JPY/</title>
        <cusip>J2789W102</cusip>
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          <isin value="JP3389690003"/>
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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>MUSASHINO BANK LTD/THE /JPY/</name>
        <lei>353800L8RJMVN2OOS612</lei>
        <title>MUSASHINO BANK LTD/THE /JPY/</title>
        <cusip>J46883104</cusip>
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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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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NICHIA STEEL WORKS LTD /JPY/</name>
        <lei>N/A</lei>
        <title>NICHIA STEEL WORKS LTD /JPY/</title>
        <cusip>J49248107</cusip>
        <identifiers>
          <isin value="JP3660000005"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SWCC CORP /JPY/</name>
        <lei>353800A7RNYOC4KL4T49</lei>
        <title>SWCC CORP /JPY/</title>
        <cusip>J7863E100</cusip>
        <identifiers>
          <isin value="JP3368400002"/>
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        <balance>77400.00000000</balance>
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        <valUSD>4341270.17000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>SOKEN CHEMICAL &amp; ENGINEE /JPY/</name>
        <lei>N/A</lei>
        <title>SOKEN CHEMICAL &amp; ENGINEERING /JPY/</title>
        <cusip>J76085109</cusip>
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          <isin value="JP3431550007"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>TSUZUKI DENKI CO LTD /JPY/</name>
        <lei>3538008A8ICJLVI54474</lei>
        <title>TSUZUKI DENKI CO LTD /JPY/</title>
        <cusip>J9358G103</cusip>
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          <isin value="JP3533800003"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>DAIKO XTECH LTD /JPY/</name>
        <lei>N/A</lei>
        <title>DAIKO XTECH LTD /JPY/</title>
        <cusip>J10122109</cusip>
        <identifiers>
          <isin value="JP3483000000"/>
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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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      </invstOrSec>
      <invstOrSec>
        <name>FUTURE ARCHITECT INC /JPY/</name>
        <lei>N/A</lei>
        <title>FUTURE ARCHITECT INC /JPY/</title>
        <cusip>J16832107</cusip>
        <identifiers>
          <isin value="JP3826200002"/>
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        <balance>459300.00000000</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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      </invstOrSec>
      <invstOrSec>
        <name>SYSTENA CORPORATION /JPY/</name>
        <lei>N/A</lei>
        <title>SYSTENA CORPORATION /JPY/</title>
        <cusip>J7864T106</cusip>
        <identifiers>
          <isin value="JP3351050004"/>
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        <balance>863000.00000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JINUSHI CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>JINUSHI CO LTD /JPY/</title>
        <cusip>J52776101</cusip>
        <identifiers>
          <isin value="JP3714200007"/>
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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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      </invstOrSec>
      <invstOrSec>
        <name>NORITAKE CO LTD /JPY/</name>
        <lei>529900EN4XJGJXV4A581</lei>
        <title>NORITAKE CO LTD /JPY/</title>
        <cusip>J59052118</cusip>
        <identifiers>
          <isin value="JP3763000001"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NORTH PACIFIC BANK LTD /JPY/</name>
        <lei>549300A1ZLTL4KX3DZ92</lei>
        <title>NORTH PACIFIC BANK LTD /JPY/</title>
        <cusip>J22260111</cusip>
        <identifiers>
          <isin value="JP3843400007"/>
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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>
      <invstOrSec>
        <name>MACNICA FUJI ELECTRONICS /JPY/</name>
        <lei>N/A</lei>
        <title>MACNICA FUJI ELECTRONICS HOL /JPY/</title>
        <cusip>J3923S106</cusip>
        <identifiers>
          <isin value="JP3862960006"/>
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        <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>
      <invstOrSec>
        <name>SAKATA INX CORP /JPY/</name>
        <lei>N/A</lei>
        <title>SAKATA INX CORP /JPY/</title>
        <cusip>J66661125</cusip>
        <identifiers>
          <isin value="JP3314800008"/>
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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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      </invstOrSec>
      <invstOrSec>
        <name>COVER CORP /JPY/</name>
        <lei>N/A</lei>
        <title>COVER CORP /JPY/</title>
        <cusip>J0R95K102</cusip>
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          <isin value="JP3218500001"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RESTAR CORP /JPY/</name>
        <lei>353800609PNM9E4ZNY15</lei>
        <title>RESTAR CORP /JPY/</title>
        <cusip>J6450H104</cusip>
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          <isin value="JP3944360001"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MARUZEN SHOWA UNYU CO LT /JPY/</name>
        <lei>N/A</lei>
        <title>MARUZEN SHOWA UNYU CO LTD /JPY/</title>
        <cusip>J40777104</cusip>
        <identifiers>
          <isin value="JP3876000005"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>RYODEN CORP /JPY/</name>
        <lei>N/A</lei>
        <title>RYODEN CORP /JPY/</title>
        <cusip>J65715120</cusip>
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          <isin value="JP3976200000"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>PACK CORP/THE /JPY/</name>
        <lei>N/A</lei>
        <title>PACK CORP/THE /JPY/</title>
        <cusip>J63492102</cusip>
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          <isin value="JP3345900009"/>
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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>GOLDWIN INC /JPY/</name>
        <lei>N/A</lei>
        <title>GOLDWIN INC /JPY/</title>
        <cusip>J17472101</cusip>
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          <isin value="JP3306600002"/>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KANADEN CORP /JPY/</name>
        <lei>N/A</lei>
        <title>KANADEN CORP /JPY/</title>
        <cusip>J29524105</cusip>
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          <isin value="JP3215000005"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>GEO HOLDINGS CORPORATION /JPY/</name>
        <lei>N/A</lei>
        <title>GEO HOLDINGS CORPORATION /JPY/</title>
        <cusip>J17768102</cusip>
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          <isin value="JP3282400005"/>
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      </invstOrSec>
      <invstOrSec>
        <name>TOKYOTOKEIBA CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>TOKYOTOKEIBA CO LTD /JPY/</title>
        <cusip>J88462106</cusip>
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          <isin value="JP3586600003"/>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>STEP CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>STEP CO LTD /JPY/</title>
        <cusip>J7674N109</cusip>
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          <isin value="JP3399700008"/>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NIPPON SODA CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>NIPPON SODA CO LTD /JPY/</title>
        <cusip>J55870109</cusip>
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          <isin value="JP3726200003"/>
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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>
      <invstOrSec>
        <name>MIURA CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>MIURA CO LTD /JPY/</title>
        <cusip>J45593100</cusip>
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          <isin value="JP3880800002"/>
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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>
      <invstOrSec>
        <name>TPR CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>TPR CO LTD /JPY/</title>
        <cusip>J82528100</cusip>
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          <isin value="JP3542400001"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JBCC HOLDINGS INC /JPY/</name>
        <lei>N/A</lei>
        <title>JBCC HOLDINGS INC /JPY/</title>
        <cusip>J2814F108</cusip>
        <identifiers>
          <isin value="JP3746800006"/>
        </identifiers>
        <balance>98200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="146.91000000"/>
        <valUSD>919100.13000000</valUSD>
        <pctVal>0.272704563502</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>IDEC CORP /JPY/</name>
        <lei>N/A</lei>
        <title>IDEC CORP /JPY/</title>
        <cusip>J23274111</cusip>
        <identifiers>
          <isin value="JP3138800002"/>
        </identifiers>
        <balance>135700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="146.91000000"/>
        <valUSD>2259357.43000000</valUSD>
        <pctVal>0.670369921223</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>DAI-DAN CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>DAI-DAN CO LTD /JPY/</title>
        <cusip>J62234109</cusip>
        <identifiers>
          <isin value="JP3486000007"/>
        </identifiers>
        <balance>26200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="146.91000000"/>
        <valUSD>1032591.38000000</valUSD>
        <pctVal>0.306378350267</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>SANYO SHOKAI LTD /JPY/</name>
        <lei>N/A</lei>
        <title>SANYO SHOKAI LTD /JPY/</title>
        <cusip>J69198109</cusip>
        <identifiers>
          <isin value="JP3339400008"/>
        </identifiers>
        <balance>212700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="146.91000000"/>
        <valUSD>4546171.13000000</valUSD>
        <pctVal>1.348886343445</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 /JPY/</name>
        <lei>N/A</lei>
        <title>AOI ELECTRONICS CO LTD /JPY/</title>
        <cusip>J01586106</cusip>
        <identifiers>
          <isin value="JP3105280006"/>
        </identifiers>
        <balance>26700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="146.91000000"/>
        <valUSD>418919.75000000</valUSD>
        <pctVal>0.124296933312</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 CORP /JPY/</name>
        <lei>N/A</lei>
        <title>HI-LEX CORP /JPY/</title>
        <cusip>J20749107</cusip>
        <identifiers>
          <isin value="JP3699600007"/>
        </identifiers>
        <balance>47000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="146.91000000"/>
        <valUSD>913702.27000000</valUSD>
        <pctVal>0.271102974070</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>ASKUL CORP /JPY/</name>
        <lei>N/A</lei>
        <title>ASKUL CORP /JPY/</title>
        <cusip>J03325107</cusip>
        <identifiers>
          <isin value="JP3119920001"/>
        </identifiers>
        <balance>329500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="146.91000000"/>
        <valUSD>3397947.72000000</valUSD>
        <pctVal>1.008199019390</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 CORP /JPY/</name>
        <lei>353800RI3EZVEIDAEL62</lei>
        <title>MIRAIT ONE CORP /JPY/</title>
        <cusip>J4307G106</cusip>
        <identifiers>
          <isin value="JP3910620008"/>
        </identifiers>
        <balance>91600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="146.91000000"/>
        <valUSD>1774824.04000000</valUSD>
        <pctVal>0.526604881584</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>MITSUI MINING &amp; SMELTING /JPY/</name>
        <lei>35380021EYAHSQM25559</lei>
        <title>MITSUI MINING &amp; SMELTING CO /JPY/</title>
        <cusip>J44948131</cusip>
        <identifiers>
          <isin value="JP3888400003"/>
        </identifiers>
        <balance>50000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="146.91000000"/>
        <valUSD>3582125.11000000</valUSD>
        <pctVal>1.062845964927</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>2025-09-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Japan Smaller Capitalization Fund, Inc.</ncom:nameOfApplicant>
      <ncom:signature>Thomas Perugini</ncom:signature>
      <ncom:signerName>Thomas Perugini</ncom:signerName>
      <ncom:title>Treasurer, Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
