-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000866095-10-000004.txt : 20100324
<SEC-HEADER>0000866095-10-000004.hdr.sgml : 20100324
<ACCEPTANCE-DATETIME>20100324083714
ACCESSION NUMBER:		0000866095-10-000004
CONFORMED SUBMISSION TYPE:	40-17F2
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20100323
DATE AS OF CHANGE:		20100324
EFFECTIVENESS DATE:		20100323

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:		10700556

	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>formn17f2073109.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:

July 31, 2009
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>jeqseclttr073109.txt
<DESCRIPTION>PWC COVER LETTER TO SEC
<TEXT>


December 23, 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 July 31, 2009, 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>jeq17f2rptasof073109.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 July 31, 2009.  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 July 31, 2009, and with respect to agreement of security
purchases and sales, for the period from March 31, 2009 (the date
of our last examination), through July 31, 2009:

- -	Confirmation of securities and cash held for the Fund at the
Fund's Sub-Custodian (Sumitomo Mitsui Banking Corporation);

- -	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 July 31,
2009 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, 2009

1

2

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>4
<FILENAME>jeq17f2mgnt073109.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 July 31, 2009, and from March 31, 2009 through
July 31, 2009.

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 July 31,
2009, and from March 31, 2009 through July 31, 2009, 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

December 23, 2009

Date


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