<SEC-DOCUMENT>0001048703-11-000132.txt : 20110610
<SEC-HEADER>0001048703-11-000132.hdr.sgml : 20110610
<ACCEPTANCE-DATETIME>20110610161641
ACCESSION NUMBER:		0001048703-11-000132
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20110610
DATE AS OF CHANGE:		20110610

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:		SC 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-60837
		FILM NUMBER:		11905890

	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:			Karpus Management, Inc.
		CENTRAL INDEX KEY:			0001048703
		IRS NUMBER:				161290550
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		183 SULLY'S TRAIL
		CITY:			PITTSFORD
		STATE:			NY
		ZIP:			14534
		BUSINESS PHONE:		5855864680

	MAIL ADDRESS:	
		STREET 1:		183 SULLY'S TRAIL
		CITY:			PITTSFORD
		STATE:			NY
		ZIP:			14534

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KARPUS MANAGEMENT INC
		DATE OF NAME CHANGE:	19971029
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<SEQUENCE>1
<FILENAME>jeq13ga.htm
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<font size=4><b>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION</font><br>
<font size=3>Washington, D.C. 20549</p></font>

<font size=2>SCHEDULE 13G/A<br>

Under the Securities Exchange Act of 1934<br>
(Amendment No. 1)<br></b></p>

Japan Equity Fund (JEQ)<br>
<hr>
<b>(Name of Issuer)</b></p>


Common Stock<br>
<hr>
<b>(Title of Class of Securities)</b></p>


471057109<br>
<hr>
<b>(CUSIP Number)</b></p>

May 31, 2011<br>
<hr>
<b>(Date of Event which Requires Filing of this Statement)</b></p></center></p>


Check the appropriate box to designate the rule pursuant to which this Schedule is filed:<br>

<pre><FONT FACE="Times New Roman" SIZE="2">
<b><u>X </u>	<font size = 2> <u>Rule 13d-1&#40b&#41<br></u></b>
<font size=4>__	<font size = 2> Rule 13d-1&#40c&#41<br>
<font size=4>__	<font size = 2> Rule 13d-1&#40d&#41</p></ul></pre>


<p style=' page-break-before:always'></center></P>
<hr>
<font size=2><b>CUSIP No.&#58</b> 471057109</p>
<hr>



<b>1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).</b></p>

Karpus Management, Inc., d/b/a Karpus Investment Management<br>I.D. #16-1290558<br>

<hr>

<b>2. Check the Appropriate Box if a Member of a Group (See Instructions)</b><br>
(a) <font size=4>&#127<font size=2><br>
(b) <font size=2>&#32&#32X <br>

<hr>

<b>3. SEC Use Only</b><br>

<hr>

<b>4. Citizenship or Place of Organization</b></p>

New York<br>

<hr>

<b>Number of Shares Beneficially Owned by Each reporting Person With:</b></p>

<ul><b>5.  Sole Voting Power</b></p>
688,094</p>

<b>6.  Shared Voting Power</b></p>
N/A</p>

<b>7.  Sole Dispositive Power</b></p>
688,094</p>

<b>8.  Shared Dispositive Power</b></p>
N/A</p>
</ul>
<hr>

<b>9. Aggregate Amount Beneficially Owned by Each Reporting Person</b></p>
688,094<br>

<hr>

<b>10. Check if the Aggregate Amount in Row &#40 9 &#41 Excludes Certain Shares (See Instructions)</b></p>

N/A<br>

<hr>

<b>11. Percent of Class Represented by Amount in Row &#40 9 &#41</b></p>

4.76%<br>

<hr>

<b>12. Type of Reporting Person (See Instructions)</b></p>

IA<br>
<hr>

</font>

<p style=' page-break-before:always'>

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<font size=2.5>

<b>Item 1.  </b></p><font size=2>
<ul>
(a) <b><u>The Name of the Issuer is&#58</b></u> Japan Equity Fund</p>

(b) <b><u>The Address of the Issuer&#145s Principal Executive Office is&#58</b></u> Daiwa Securities Trust Company, One Evertrust Plaza, 9th Floor, Jersey City, NJ 07302. </p>
</ul>
</p>

<font size=2.5><b>Item 2. </b></p><font size=2>
<ul>
(a) <b><u>The name of the Person Filing is&#58</b></u> Karpus Management, Inc., d/b/a Karpus Investment Management &#40&#147KIM&#148&#41, George W. Karpus, President, Director and controlling stockholder, Jo Ann Van Degriff, Partner Emeritus.</p>

(b) <b><u>The address of KIM&#146s principal place of business and principal office is&#58</b></u> 183 Sully&#146s Trail, Pittsford, New York 14534.</p>

(c) <b><u>Citizenship&#58</b></u> Each of the Principals is a United States citizen.  KIM is a New York corporation.</p>

(d) <b><u>Title of Class of Securities&#58</b></u> Common Stock</p>

(e) <b><u>CUSIP Number&#58</b></u> 471057109</p>
</ul>
</p>

<font size=2.5><b>Item 3.</b></p>  If this statement is filed pursuant to &#167 &#167 240.13d &#150 1 &#40 b &#41 or 240.13d &#150 2 &#40 b &#41 or &#40 c &#41, check whether the person filing is a&#58</p><font size=2>
<ul>
&#40a&#41 <font size = 4>___<font size = 2> Broker or dealer registered under section 15 of the Act  &#40 15 U.S.C. 78o &#41.</p>
&#40b&#41 <font size = 4>___<font size = 2> Bank as defined in section 3 &#40a&#41 &#40 6 &#41 of the Act &#40 15 U.S.C. 78c &#41.</p>
&#40c&#41 <font size = 4>___<font size = 2> Insurance company as defined in section 3 &#40 a &#41 &#40 6 &#41 of the Act &#40 15 U.S.C. 78c &#41.</p>
&#40d&#41 <font size = 4>___<font size = 2> Investment company registered under section 8 of the Investment Company Act of 1940 &#40 15 U.S.C. 80 &#150 a &#41.</p>
<pre><FONT FACE="Times New Roman" SIZE="2">&#40e&#41 <font size = 2><b> <u>X     </u> </b><font size = 2><u><b>An investment adviser in accordance with &#167 240.13d&#150 1 &#40 b &#41 &#40 1 &#41 &#40 ii &#41 &#40 E &#41.</p></b></u></pre>
&#40f&#41 <font size = 4>___<font size = 2> An employee benefit plan or endowment fund in accordance with &#167 240.13d&#150 1 &#40 b &#41 &#40 1 &#41 &#40 ii &#41 &#40 F &#41.</p>
&#40g&#41 <font size = 4>___<font size = 2> A parent holding company or control person in accordance with &#167 240.13d&#150 1 &#40 b &#41 &#40 1 &#41 &#40 ii &#41 &#40 G &#41.</p>
&#40h&#41 <font size = 4>___<font size = 2> A savings association as defined in Section 3 &#40 b &#41 of the Federal Deposit Insurance Act &#40 12 U.S. C. 1813 &#41.</p>
&#40i&#41 <font size = 4>___<font size = 2> A church plan that is excluded from the defininition  of an investment company under section 3 &#40 c &#41 &#40 14 &#41 of the Investment Company Act of 1940 &#40 15 U.S. C. 80a &#150 3 &#41.</p>
&#40j&#41 <font size = 4>___<font size = 2> Group, in accordance with &#167 240.13 &#150 1 &#40 b &#41 &#40 1 &#41 &#40 ii &#41 &#40 J &#41.</p>
</ul>
</p>

<font size=2.5><b>Item 4.</b></p><font size=2>

&#40a&#41 <b><u>Amount beneficially owned&#58 </b></u> 688,094 shares</p>
&#40b&#41 <b><u>Percent of class&#58</b></u> 4.76%</p>
&#40c&#41 <b><u>Number of shares as to which the person has&#58</b></u></p>

<ul>	&#40i&#41 <b><u> Sole power to vote or to direct the vote&#58</b></u> 688,094 shares</p>
	&#40ii&#41 <b><u> Shared power to vote or to direct the vote&#58</b></u> N/A</p>
	&#40iii&#41 <b><u> Sole power to dispose or to direct the disposition of&#58</b></u> 688,094 shares</p>
	&#40iv&#41 <b><u> Shared power to dispose or to direct the disposition of&#58</b></u> N/A </p></ul>

</p>

<font size=2.5><b>Item 5.  <u>Ownership of Five Percent of Less of a Class.</u></b></p><font size=2>

If this statement is being filed to report the fact that as of the date herof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following&#58 <font size = 4> [X]. <font size =2></p>

<font size=2.5><b>Item 6.  <u>Ownership of More than Five Percent on Behalf of Another Person.</u></b></p><font size=2>

Accounts managed by KIM (the "Accounts") have the right to receive all dividends from, and any proceeds from the sale of the shares. None of the Accounts has an interest in shares constituting more than 5% of the shares outstanding.</p>

<font size=2.5><b>Item 7.  <u>Identification and Classification of the Subsidiary Which Acquired the Security being Reported on by the Parent Holding Company.</U></b></p><font size=2>

Not applicable.</p>

<font size=2.5><b>Item 8.  <u>Identification and Classification of Members of the Group.</U></b></p><font size=2>

Not applicable.</p>

<font size=2.5><b>Item 9.  <u>Notice of Dissolution of Group.</U></b></p><font size=2>

Not applicable.</p>

<font size=2.5><b>Item 10.  <u>Certification.</U></b></p><font size=2>

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.</p>

<p style=' page-break-before:always'>


<font size=2.5><center><b><u>SIGNATURE</b></u></center></p><font size=2>


<ul>After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete, and correct.</ul><br>
<br>
<pre><FONT FACE="Times New Roman" SIZE="2"><b>Karpus Management, Inc.</b>


By:  	/s/
Name:  	Cody B. Bartlett Jr., CFA
Title:  	Managing Director of Investments
Date:  	June 10, 2011

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