-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000866095-03-000003.txt : 20030523
<SEC-HEADER>0000866095-03-000003.hdr.sgml : 20030523
<ACCEPTANCE-DATETIME>20030523145829
ACCESSION NUMBER:		0000866095-03-000003
CONFORMED SUBMISSION TYPE:	40-17F2
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20030523
EFFECTIVENESS DATE:		20030523

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JAPAN EQUITY FUND INC
		CENTRAL INDEX KEY:			0000866095
		IRS NUMBER:				223060893
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17F2
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06142
		FILM NUMBER:		03718074

	BUSINESS ADDRESS:	
		STREET 1:		ONE EVERTRUST PLAZA
		STREET 2:		C/O DAIWA SECURITIES TRUST CO
		CITY:			JERSEY CITY
		STATE:			NJ
		ZIP:			07302
		BUSINESS PHONE:		2019153054

	MAIL ADDRESS:	
		STREET 1:		DAIWA SECURITIES TRUST CO
		STREET 2:		ONE EVERTRUST PLAZA
		CITY:			JERSEY CITY
		STATE:			NJ
		ZIP:			07302

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JAPAN EMERGING EQUITY FUND INC
		DATE OF NAME CHANGE:	19920407

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JAPAN EQUITY FUND INC
		CENTRAL INDEX KEY:			0000866095
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				223060893
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		40-17F2

	BUSINESS ADDRESS:	
		STREET 1:		ONE EVERTRUST PLAZA
		STREET 2:		C/O DAIWA SECURITIES TRUST CO
		CITY:			JERSEY CITY
		STATE:			NJ
		ZIP:			07302
		BUSINESS PHONE:		2019153054

	MAIL ADDRESS:	
		STREET 1:		DAIWA SECURITIES TRUST CO
		STREET 2:		ONE EVERTRUST PLAZA
		CITY:			JERSEY CITY
		STATE:			NJ
		ZIP:			07302

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JAPAN EMERGING EQUITY FUND INC
		DATE OF NAME CHANGE:	19920407
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-17F2
<SEQUENCE>1
<FILENAME>jeqacctn17f2-0802.txt
<DESCRIPTION>JAPAN EQUITY FUND-FORM N-17F-2 08-31-02
<TEXT>
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
	Washington, D.C.  20549

FORM N-17f-2

Certificate of Accounting of
Securities and Similar
Investments in the Custody of
Management Investment
Companies
Pursuant to Rule 17f-2 [17
CFR 270.17F-2]



OMB APPROVAL
OMB Number:	3235-0360
Expires:	July 31, 1994
Estimated average
burden
hours per response
	.0.05




1. Investment Company Act File Number:

811-06142
Date examination
completed:

October 18, 2002
2. State identification Number:

AL
AK
AZ
AR
CA
CO

CT
DE
DC
FL
GA
HI

ID
IL
IN
IA
KS
KY

LA
ME
MD
MA
MI
MN

MS
MO
MT
NE
NV
NH

NJ
NM
NY
NC
ND
OH

OK
OR
PA
RI
SC
SD

TN
TX
UT
VT
VA
WA

WV
WI
WY
PUERTO RICO

Other (specify):
3. Exact name of investment company as specified in
registration statement:

The Japan Equity Fund, Inc.
4. Address of principal executive office (number, street,
city, state, zip
code):

John O'Keefe One Evertrust Plaza 9th Floor,  Jersey City, NJ
07302


INSTRUCTIONS

This Form must be completed by investment companies that have
custody of securities or similar
investments.

Investment Company

1.	All items must be completed by the investment company.

2.	Give this Form to the independent public accountant who,
in compliance with Rule 17f-2 under the
Act and applicable state law, examines securities and similar
investments in the custody of the
investment company.

Accountant

3.	Submit this Form to the Securities and Exchange
Commission and appropriate state securities
administrators when filing the certificate of accounting
required by Rule 17f-2 under the Act
and applicable state law.  File the original and one copy with
the Securities and Exchange
Commission's principal office in Washington, D.C., one copy
with the regional office for the
region in which the investment company's principal business
operations are conducted, and one
copy with the appropriate state administrator(s), if
applicable.

	THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC
ACCOUNTANT
	SEC 2198 (11-91)





</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>jeqacct17f-2lttr0802.txt
<DESCRIPTION>JAPAN EQUITY FUND-17F-2 AUDITOR LETTER 08-31-02
<TEXT>

Report of Independent Accountants


To the Board of Directors of
The Japan Equity Fund, Inc.


We have examined management's assertion, included in the
accompanying Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940,
about The Japan Equity Fund, Inc.'s (the "Fund's")
compliance with the requirements of subsections (b) and (c) of
Rule 17f-2 under the Investment Company Act of 1940 ("the
Act") as of August 30, 2002.  Management is responsible for
the Fund's compliance with those requirements.  Our
responsibility is to express an opinion on management's
assertion about the Fund's compliance based on our
examination.

Our examination was conducted in accordance with attestation
standards established by the American Institute of Certified
Public Accountants and, accordingly, included examining, on a
test basis, evidence about the Fund's compliance with those
requirements and performing such other procedures as we
considered necessary in the circumstances.  Included among our
procedures were the following tests performed as of August 30,
2002, and with respect to agreement of security purchases and
sales, for the period from July 31, 2002 (the date of our last
examination) through August 30, 2002:

- -	Confirmation of all such securities held by Sumitomo Mitsui
Banking Corporation, the Fund's Sub-Custodian;

- -	Confirmation of cash held at Sumitomo Mitsui Banking
Corporation and the Bank of New York;

- -	Reconciliation of all such securities and cash to the books
and records of the Fund and the Custodian; and

- -	Confirmation of all securities out for transfer with
brokers or validation of open trades through subsequent
liquidation;

- -	Agreement of three security purchases and three security
sales since our last report from the books and records of
the Fund to broker confirmations and/or noted settlement of
these transactions through a review of the Custodian's cash
statement.


We believe that our examination provides a reasonable basis
for our opinion.  Our examination does not provide a legal
determination on the Fund's compliance with specified
requirements.

In our opinion, management's assertion that The Japan Equity
Fund, Inc. was in compliance with the requirements of
subsections (b) and (c) of Rule 17f-2 of the Investment
Company Act of 1940 as of August 30, 2002 with respect to
securities reflected in the investment account of the Fund is
fairly stated, in all material respects.

This report is intended solely for the information and use of
the Board of Directors, management, and the Securities and
Exchange Commission and is not intended to be and should not
be used by anyone other than these specified parties.




PricewaterhouseCoopers LLP
New York, New York
October 18, 2002
To the Board of Directors of
The Japan Equity Fund, Inc.


1

2


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>3
<FILENAME>jeqacctmgtcompliance0802.txt
<DESCRIPTION>JAPAN EQUITY FUND-MGT. COMPLIANCE 08-31-02
<TEXT>
THE JAPAN EQUITY FUND, INC.
C/O DAIWA SECURITIES TRUST COMPANY
ONE EVERTRUST PLAZA
JERSEY CITY, N.J. 07302



Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940


We, as members of management of The Japan Equity Fund, Inc.
(the "Fund"), are responsible for complying with the
requirements of subsection (b) and (c) of rule 17f-2, Custody
of Investments by Registered Management Investment Companies,
of the Investment Company Act of 1940.
We are also responsible for establishing and maintaining an
effective internal control structure over compliance with
those requirements.  We have performed an evaluation of the
Fund's compliance with the requirements of subsection (b) and
(c) of Rule 17f-2 as of August 30, 2002, and from July 31,
2002 (the date of our last statement) through August 30, 2002.

Based on this evaluation, we assert that the Fund was in
compliance with those provisions of
Rule 17f-2 of the Investment Company Act of 1940 as of August
30, 2002, and from July 31, 2002 through August 30, 2002, with
respect to securities and similar investments reflected in the
investment account of the Fund.

The Japan Equity Fund, Inc.

By:



___________________________________
Hiroshi Kimura
Chairman


___________________________________
John J. O'Keefe
Vice President and Treasurer


___________________________________
Date

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>4
<FILENAME>jeqacctseclttr0802.txt
<DESCRIPTION>JAPAN EQUITY FUND-SECURITY LETTER 08-31-02
<TEXT>


Securities and Exchange Commission
Office of Applications and Report Services
450 5th Street N.W.
Washington, D.C. 20549



October 18, 2002

The Japan Equity Fund, Inc. (File #811-06142)



Dear Sir or Madam:

At the request of the Board of Directors of The Japan Equity
Fund, Inc. ("Fund), we have performed an examination of
securities owned by the Fund at August 30, 2002, pursuant to
Rule 17f-2 of the Investment Company Act of 1940 (the
"Rule").  Enclosed please find Form N-17f-2 accompanied by
our report for the Fund stating that we have performed the
examination specified in the Rule.
Very truly yours,




Karen L. Stuckey

Enclosure

cc:  Mr. John O'Keefe, Treasurer, The Japan Equity Fund, Inc.
(with enclosure)



		(2)












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