-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 SyFRhP7YiqDAv2xlZ8lZout0Xlo/3U4z7yRgPPIwGuaStiBYcnEnWgUAVnfH+K5V
 18RyT0/eTJAe6my9ZUVmmw==

<SEC-DOCUMENT>0000866095-04-000003.txt : 20040402
<SEC-HEADER>0000866095-04-000003.hdr.sgml : 20040402
<ACCEPTANCE-DATETIME>20040402150554
ACCESSION NUMBER:		0000866095-04-000003
CONFORMED SUBMISSION TYPE:	40-17F2
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20040402
EFFECTIVENESS DATE:		20040402

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:		04713483

	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>jeqformn17f2-1003.txt
<DESCRIPTION>JAPAN EQUITY FUND-FORM N-17F2 10-31-03
<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:

December 5, 2003
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>jeqacctmgtcompliance1003.txt
<DESCRIPTION>JAPAN EQUITY FUND-MGT. COMPLIANCE 10-31-03
<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 October 31, 2003, and from September
30, 2003 (the date of our last statement) through October 31,
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 October
31, 2003 and from September 30, 2003 through October 31, 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>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>3
<FILENAME>jeqsecritylttr-1003.txt
<DESCRIPTION>JAPAN EQUITY FUND-SECURITY LETTER 10-31-03
<TEXT>


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



December 3, 2003

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. (the "Fund"), we have performed an
examination of securities owned by the Fund at October 31,
2003, 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>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>4
<FILENAME>jeqauditorlttr-1003.txt
<DESCRIPTION>JAPAN EQUITY FUND-AUDITOR LEETER 10-31-03
<TEXT>
Report of Independent Auditors

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
October 31, 2003.  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
October 31, 2003, and with respect to agreement of security
purchases and sales, for the period from September 30, 2003
(the date of our last examination) through October 31, 2003:

- -	Confirmation of cash held at the Bank of New York;

- -	Confirmation of securities held for the Fund at the
Custodian, Daiwa Securities Trust Company and the Sub-
Custodian, Sumitomo Mitsui Banking Corporation;

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

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

- -	Selection of three security purchases and three security
sales since our last report from the books and records of
the Fund noting settlement of these transactions through
a review of the Sub-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. complied with the requirements of subsections (b)
and (c) of Rule 17f-2 of the Investment Company Act of 1940
as of October 31, 2003, 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
December 3, 2003

To the Board of Directors of
The Japan Equity Fund, Inc.
December 3, 2003


1

2


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
