<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>jeqmgtcompliance0903.txt
<DESCRIPTION>JAPAN EQUITY FUND-MGT. COMPLIANCE 9-30-03
<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 September 30, 2003, and from August
29, 2003 (the date of our last statement) through September
30, 2003.

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
September 30, 2003 and from August 29, 2003 through September
30, 2003, 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>
