-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000866095-07-000001.txt : 20070205
<SEC-HEADER>0000866095-07-000001.hdr.sgml : 20070205
<ACCEPTANCE-DATETIME>20070205152145
ACCESSION NUMBER:		0000866095-07-000001
CONFORMED SUBMISSION TYPE:	40-17F2
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20070205
DATE AS OF CHANGE:		20070205
EFFECTIVENESS DATE:		20070205

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:		07580136

	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>jeqformn17f2-0306.txt
<DESCRIPTION>JAPAN EQUITY FUND-FORM N-17F2 0306
<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:

March 31, 2006
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>jeqauditorlttr-0306.txt
<DESCRIPTION>JAPAN EQUITY FUND-AUDITOR LETTER 0306
<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
March 31, 2006.  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 March
31, 2006, and with respect to agreement of security purchases
and sales, for the period from October 31, 2005 (the date of
our last examination) through March 31, 2006:

- -	Confirmation of securities and cash held for the Fund at
the Bank of New York and Sumitomo Mitsui Banking
Corporation as the Fund's sub custodian (there were no
securities held by Daiwa Securities Trust Company, the
Fund's Custodian, at March 31, 2006);

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

- -	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 Sumitomo Mitsui Banking Corporation's
(the Fund's Sub-Custodian) cash statements.

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 March 31, 2006, 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 21, 2006




1

2

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>3
<FILENAME>jeqmgtcompliance-0306.txt
<DESCRIPTION>JAPAN EQUITY FUND-MGT. COMPLIANCE 0306
<TEXT>
THE JAPAN EQUITY FUND, INC.
C/O DAIWA SECURITIES TRUST COMPANY
ONE EVERTRUST PLAZA
JERSEY CITY, NJ   07302-3051



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 March 31, 2006, and from October 31,
2005 (the date of our last statement) through March 31, 2006.

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 March
31, 2006 and from October 31, 2005 through March 31, 2006,
with respect to securities and similar investments reflected
in the investment account of the Fund.

The Japan Equity Fund, Inc.

By:


/s/ Hiroshi Kimura
Hiroshi Kimura
Chairman


/s/ John J. O'Keefe
John J. O'Keefe
Vice President and Treasurer


12/21/06
Date
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>4
<FILENAME>jeqsecuritylttr-0306.txt
<DESCRIPTION>JAPAN EQUITY FUND-SECURITY LETTER 0306
<TEXT>


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



December 21, 2006

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 March 31,
2006, 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,


Enclosure

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







		(2)











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