-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000866095-09-000003.txt : 20090318
<SEC-HEADER>0000866095-09-000003.hdr.sgml : 20090318
<ACCEPTANCE-DATETIME>20090318140326
ACCESSION NUMBER:		0000866095-09-000003
CONFORMED SUBMISSION TYPE:	40-17F2
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20090318
DATE AS OF CHANGE:		20090318
EFFECTIVENESS DATE:		20090318

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:		09690536

	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>formn17f210312008.txt
<DESCRIPTION>FORM 17F-2
<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 31, 2008
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>jeqseclttr10312008.txt
<DESCRIPTION>PWC COVER LETTER TO SEC
<TEXT>


February 5, 2009

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

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, 2008, 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,

/s/ Michael Greaney

Enclosure

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








		(1)




</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>3
<FILENAME>jeq17f2rptasof10312008pwc.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, 2008.  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, 2008, and
with respect to agreement of security purchases and sales, for
the period from August 7, 2008 (the date of our last
examination), through October 31, 2008:

- -	Confirmation of securities 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, 2008);

- -	Reconciliation of all such securities to the books and
records of the Fund and the Fund's Sub-Custodian (Sumitomo
Mitsui Banking Corporation);

- -	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, 2008 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 16, 2008





1

2

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>4
<FILENAME>jeq17f2mgnt10312008.txt
<DESCRIPTION>MANAGEMENT STMT.
<TEXT>




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 subsections (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 effective
internal controls over compliance with those requirements.  We
have performed an evaluation of the Fund's compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 as of
October 31, 2008, and from August 7, 2008 through October 31,
2008.

Based on this evaluation, we assert that the Fund was in
compliance with the requirements of subsections (b) and (c) of
Rule 17f-2 of the Investment Company Act of 1940 as of October
31, 2008, and from August 7, 2008 through October 31, 2008,
with respect to securities reflected in the investment account
of the Fund.


The Japan Equity Fund, Inc.


By:



John J. O'Keefe


Vice President and Treasurer

Title

February 5, 2009

Date





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