<DOCUMENT>
<TYPE>EX-2
<SEQUENCE>3
<FILENAME>jeq17f2report103107pwc.txt
<DESCRIPTION>PWC LETTER TO BOARD
<TEXT>









Report of Independent Registered Public Accounting Firm

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, that
The Japan Equity Fund, Inc. (the ?Fund?) complied 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,
2007.  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 the standards
of the Public Company Accounting Oversight Board (United
States) 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, 2007, and with
respect to agreement of security purchases and sales, for the
period from September 6, 2007 (the date of our last
examination), through October 31, 2007:

-	Confirmation of securities held for the Fund at the Fund's
Sub-Custodian (Sumitomo Mitsui Banking Corporation) and cash
held for the Fund at the Bank of New York (there were no
securities held by Daiwa Securities Trust Company, the Fund's
Custodian, at October 31, 2007);

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

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

-	Agreement of 3 security purchases and 3 security sales or
maturities since our last report from the books and records of
the Fund to broker confirmations.

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, 2007 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
management and the Board of Directors of The Japan Equity Fund,
Inc. 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 18, 2007




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</DOCUMENT>
