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          <ccc>XXXXXXXX</ccc>
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      <regStreet1>309 West 49th St.</regStreet1>
      <regStreet2>Worldwide Plaza</regStreet2>
      <regCity>New York</regCity>
      <regStateConditional regCountry="US" regState="US-NY"/>
      <regZipOrPostalCode>10019</regZipOrPostalCode>
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      <seriesName>Japan Smaller Capitalization Fund, Inc.</seriesName>
      <seriesLei>5493000KJSHWEB3YKZ37</seriesLei>
      <repPdEnd>2026-02-28</repPdEnd>
      <repPdDate>2026-02-28</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>5686484.40</totLiabs>
      <netAssets>391369966.19</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
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      <invstOrSec>
        <name>KYOKUTO KAIHATSU KOGYO /JPY/</name>
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      <invstOrSec>
        <name>MARUZEN SHOWA UNYU CO LT /JPY/</name>
        <lei>N/A</lei>
        <title>MARUZEN SHOWA UNYU CO LTD /JPY/</title>
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      <invstOrSec>
        <name>MARUWA CO LTD /JPY/</name>
        <lei>3538009BXGIG8PFXNI29</lei>
        <title>MARUWA CO LTD /JPY/</title>
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          <isin value="JP3879250003"/>
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      <invstOrSec>
        <name>CREDIT SAISON CO LTD /JPY/</name>
        <lei>529900SV58ZWTGRH3A66</lei>
        <title>CREDIT SAISON CO LTD /JPY/</title>
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      <invstOrSec>
        <name>MIURA CO LTD /JPY/</name>
        <lei>3538005VS7UNWU9PHX56</lei>
        <title>MIURA CO LTD /JPY/</title>
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          <isin value="JP3880800002"/>
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      <invstOrSec>
        <name>ULVAC INC /JPY/</name>
        <lei>N/A</lei>
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          <isin value="JP3126190002"/>
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      <invstOrSec>
        <name>MORINAGA &amp; CO LTD /JPY/</name>
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          <isin value="JP3926400007"/>
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      <invstOrSec>
        <name>MORITA HOLDINGS CORPORATION /JPY/</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>MUSASHINO BANK LTD/THE /JPY/</name>
        <lei>353800L8RJMVN2OOS612</lei>
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        <cusip>J46883104</cusip>
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          <isin value="JP3912800004"/>
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      <invstOrSec>
        <name>NICHIHA CORP /JPY/</name>
        <lei>N/A</lei>
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        <cusip>J53892105</cusip>
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          <isin value="JP3662200009"/>
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      <invstOrSec>
        <name>NIHON TOKUSHU TORYO CO L /JPY/</name>
        <lei>N/A</lei>
        <title>NIHON TOKUSHU TORYO CO LTD /JPY/</title>
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          <isin value="JP3739000002"/>
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      <invstOrSec>
        <name>NIPPON SODA CO LTD /JPY/</name>
        <lei>N/A</lei>
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          <isin value="JP3726200003"/>
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        <name>NIPPN CORP /JPY/</name>
        <lei>353800V7HRZ1HQGJCW63</lei>
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        <name>NICHIREI CORP /JPY/</name>
        <lei>529900MX3GPXXKO0MT06</lei>
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      <invstOrSec>
        <name>NISHIMATSU CONSTRUCTION  /JPY/</name>
        <lei>N/A</lei>
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        <name>NORITAKE CO LTD /JPY/</name>
        <lei>529900EN4XJGJXV4A581</lei>
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      <invstOrSec>
        <name>NIPPON SEIKI CO LTD /JPY/</name>
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        <name>HI-LEX CORP /JPY/</name>
        <lei>N/A</lei>
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        <name>NISHIKAWA RUBBER CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>NISHIKAWA RUBBER CO LTD /JPY/</title>
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        <name>OKI ELECTRIC INDUSTRY CO /JPY/</name>
        <lei>529900VJ2Q0182B3J852</lei>
        <title>OKI ELECTRIC INDUSTRY CO LTD /JPY/</title>
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        <name>OSAKA SODA CO LTD /JPY/</name>
        <lei>N/A</lei>
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        <cusip>J62707104</cusip>
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        <name>KOMEHYO HOLDINGS CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>KOMEHYO HOLDINGS CO LTD /JPY/</title>
        <cusip>J3589F109</cusip>
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        <name>NABTESCO CORP /JPY/</name>
        <lei>529900DVHQXYRTGW7739</lei>
        <title>NABTESCO CORP /JPY/</title>
        <cusip>J4707Q100</cusip>
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      <invstOrSec>
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      <invstOrSec>
        <name>RYODEN CORP /JPY/</name>
        <lei>N/A</lei>
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        <name>SAKAI CHEMICAL INDUSTRY  /JPY/</name>
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        <name>SAKATA INX CORP /JPY/</name>
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      <invstOrSec>
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        <name>SANSEI TECHNOLOGIES INC /JPY/</name>
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      <invstOrSec>
        <name>SANYO SHOKAI LTD /JPY/</name>
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      <invstOrSec>
        <name>STEP CO LTD /JPY/</name>
        <lei>N/A</lei>
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        <name>77 BANK LTD/THE /JPY/</name>
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        <name>SHIKOKU ELECTRIC POWER C /JPY/</name>
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        <name>YONDENKO CORP /JPY/</name>
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        <name>SUMITOMO OSAKA CEMENT CO /JPY/</name>
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        <name>THK CO LTD /JPY/</name>
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        <name>TACHIBANA ELETECH CO LTD /JPY/</name>
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        <name>TAIKISHA LTD /JPY/</name>
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        <name>TPR CO LTD /JPY/</name>
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        <name>TOHOKU ELECTRIC POWER CO /JPY/</name>
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        <name>TOKYOTOKEIBA CO LTD /JPY/</name>
        <lei>N/A</lei>
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        <name>TSUMURA &amp; CO /JPY/</name>
        <lei>3538005RS3M1OVJLC663</lei>
        <title>TSUMURA &amp; CO /JPY/</title>
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        <balance>164200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.07500000"/>
        <valUSD>4408124.30000000</valUSD>
        <pctVal>1.126331778320</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TSUZUKI DENKI CO LTD /JPY/</name>
        <lei>3538008A8ICJLVI54474</lei>
        <title>TSUZUKI DENKI CO LTD /JPY/</title>
        <cusip>J9358G103</cusip>
        <identifiers>
          <isin value="JP3533800003"/>
        </identifiers>
        <balance>115600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.07500000"/>
        <valUSD>3092295.37000000</valUSD>
        <pctVal>0.790120764785</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MIZUHO LEASING CO  /JPY/</name>
        <lei>353800O6EEA5GK30Z659</lei>
        <title>MIZUHO LEASING CO LTD /JPY/</title>
        <cusip>J2308V106</cusip>
        <identifiers>
          <isin value="JP3286500008"/>
        </identifiers>
        <balance>653900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.07500000"/>
        <valUSD>6405978.54000000</valUSD>
        <pctVal>1.636808925928</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASIA PILE HOLDINGS CORP /JPY/</name>
        <lei>N/A</lei>
        <title>ASIA PILE HOLDINGS CORP /JPY/</title>
        <cusip>J28007102</cusip>
        <identifiers>
          <isin value="JP3389640008"/>
        </identifiers>
        <balance>654200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.07500000"/>
        <valUSD>6618496.24000000</valUSD>
        <pctVal>1.691109899012</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QOL HOLDINGS CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>QOL HOLDINGS CO LTD /JPY/</title>
        <cusip>J64663107</cusip>
        <identifiers>
          <isin value="JP3266160005"/>
        </identifiers>
        <balance>193600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.07500000"/>
        <valUSD>2441164.82000000</valUSD>
        <pctVal>0.623748634511</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KOSHIDAKA HOLDINGS CO LT /JPY/</name>
        <lei>N/A</lei>
        <title>KOSHIDAKA HOLDINGS CO LTD /JPY/</title>
        <cusip>J36577104</cusip>
        <identifiers>
          <isin value="JP3297360004"/>
        </identifiers>
        <balance>152500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.07500000"/>
        <valUSD>1143200.38000000</valUSD>
        <pctVal>0.292102225198</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JINUSHI CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>JINUSHI CO LTD /JPY/</title>
        <cusip>J52776101</cusip>
        <identifiers>
          <isin value="JP3714200007"/>
        </identifiers>
        <balance>219500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.07500000"/>
        <valUSD>4802771.10000000</valUSD>
        <pctVal>1.227169051001</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YAMABIKO CORP /JPY/</name>
        <lei>N/A</lei>
        <title>YAMABIKO CORP /JPY/</title>
        <cusip>J95558102</cusip>
        <identifiers>
          <isin value="JP3943000004"/>
        </identifiers>
        <balance>163800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.07500000"/>
        <valUSD>4030062.47000000</valUSD>
        <pctVal>1.029732176240</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RESTAR CORP /JPY/</name>
        <lei>353800609PNM9E4ZNY15</lei>
        <title>RESTAR CORP /JPY/</title>
        <cusip>J6450H104</cusip>
        <identifiers>
          <isin value="JP3944360001"/>
        </identifiers>
        <balance>235800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.07500000"/>
        <valUSD>4759058.15000000</valUSD>
        <pctVal>1.215999836760</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MIRAIT ONE CORP /JPY/</name>
        <lei>353800RI3EZVEIDAEL62</lei>
        <title>MIRAIT ONE CORP /JPY/</title>
        <cusip>J4307G106</cusip>
        <identifiers>
          <isin value="JP3910620008"/>
        </identifiers>
        <balance>128700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.07500000"/>
        <valUSD>3349539.64000000</valUSD>
        <pctVal>0.855849944901</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHARM CARE CORP /JPY/</name>
        <lei>N/A</lei>
        <title>CHARM CARE CORP /JPY/</title>
        <cusip>J0625A102</cusip>
        <identifiers>
          <isin value="JP3512740006"/>
        </identifiers>
        <balance>100800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.07500000"/>
        <valUSD>940347.91000000</valUSD>
        <pctVal>0.240270841207</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WORLD CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>WORLD CO LTD /JPY/</title>
        <cusip>J95171120</cusip>
        <identifiers>
          <isin value="JP3990210001"/>
        </identifiers>
        <balance>206800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.07500000"/>
        <valUSD>2187581.61000000</valUSD>
        <pctVal>0.558954901750</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DAISHI HOKUETSU FINANCIA /JPY/</name>
        <lei>N/A</lei>
        <title>DAISHI HOKUETSU FINANCIAL GR /JPY/</title>
        <cusip>J10795102</cusip>
        <identifiers>
          <isin value="JP3483850008"/>
        </identifiers>
        <balance>1114300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.07500000"/>
        <valUSD>14571752.68000000</valUSD>
        <pctVal>3.723267991628</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIGMAXYZ HOLDINGS INC /JPY/</name>
        <lei>N/A</lei>
        <title>SIGMAXYZ HOLDINGS INC /JPY/</title>
        <cusip>J7550V100</cusip>
        <identifiers>
          <isin value="JP3348950001"/>
        </identifiers>
        <balance>712700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.07500000"/>
        <valUSD>3351733.46000000</valUSD>
        <pctVal>0.856410493791</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BUYSELL TECHNOLOGIES CO  /JPY/</name>
        <lei>353800QCRDO2G02AM851</lei>
        <title>BUYSELL TECHNOLOGIES CO LTD /JPY/</title>
        <cusip>J04863106</cusip>
        <identifiers>
          <isin value="JP3778270003"/>
        </identifiers>
        <balance>285000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.07500000"/>
        <valUSD>10773666.51000000</valUSD>
        <pctVal>2.752808708057</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PLUS ALPHA CONSULTING CO /JPY/</name>
        <lei>N/A</lei>
        <title>PLUS ALPHA CONSULTING CO LTD /JPY/</title>
        <cusip>J63934103</cusip>
        <identifiers>
          <isin value="JP3832700003"/>
        </identifiers>
        <balance>368000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.07500000"/>
        <valUSD>5281563.35000000</valUSD>
        <pctVal>1.349506555501</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COVER CORP /JPY/</name>
        <lei>52990035OHMHKGU4UZ13</lei>
        <title>COVER CORP /JPY/</title>
        <cusip>J0R95K102</cusip>
        <identifiers>
          <isin value="JP3218500001"/>
        </identifiers>
        <balance>198800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.07500000"/>
        <valUSD>2222687.81000000</valUSD>
        <pctVal>0.567924981990</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QUANTS RESEARCH INSTITUT /JPY/</name>
        <lei>N/A</lei>
        <title>QUANTS RESEARCH INSTITUTE HO /JPY/</title>
        <cusip>J3971G103</cusip>
        <identifiers>
          <isin value="JP3167370000"/>
        </identifiers>
        <balance>347000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.07500000"/>
        <valUSD>1687477.17000000</valUSD>
        <pctVal>0.431171861864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOKYO KIRABOSHI FINANCIA /JPY/</name>
        <lei>N/A</lei>
        <title>TOKYO KIRABOSHI FINANCIAL GROUP INC /JPY/</title>
        <cusip>J9370A100</cusip>
        <identifiers>
          <isin value="JP3584400000"/>
        </identifiers>
        <balance>28300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.07500000"/>
        <valUSD>2121480.06000000</valUSD>
        <pctVal>0.542065115689</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NS GROUP INC /JPY/</name>
        <lei>N/A</lei>
        <title>NS GROUP INC /JPY/</title>
        <cusip>J5928M109</cusip>
        <identifiers>
          <isin value="JP3164810008"/>
        </identifiers>
        <balance>148000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.07500000"/>
        <valUSD>1649027.71000000</valUSD>
        <pctVal>0.421347536208</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MACNICA FUJI ELECTRONICS /JPY/</name>
        <lei>N/A</lei>
        <title>MACNICA FUJI ELECTRONICS HOL /JPY/</title>
        <cusip>J3923S106</cusip>
        <identifiers>
          <isin value="JP3862960006"/>
        </identifiers>
        <balance>92300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.07500000"/>
        <valUSD>1637242.03000000</valUSD>
        <pctVal>0.418336145192</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JM HOLDINGS CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>JM HOLDINGS CO LTD /JPY/</title>
        <cusip>J2789W102</cusip>
        <identifiers>
          <isin value="JP3389690003"/>
        </identifiers>
        <balance>531600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.07500000"/>
        <valUSD>5895880.83000000</valUSD>
        <pctVal>1.506472478559</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VISION INC/TOKYO JAPAN /JPY/</name>
        <lei>N/A</lei>
        <title>VISION INC/TOKYO JAPAN /JPY/</title>
        <cusip>J9458U101</cusip>
        <identifiers>
          <isin value="JP3800330007"/>
        </identifiers>
        <balance>609100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.07500000"/>
        <valUSD>5151446.42000000</valUSD>
        <pctVal>1.316260026324</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented on Item B.5.a have been calculated without deducting sales loads." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-03-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Japan Smaller Capitalization Fund, Inc.</ncom:nameOfApplicant>
      <ncom:signature>Thomas Perugini</ncom:signature>
      <ncom:signerName>Thomas Perugini</ncom:signerName>
      <ncom:title>Treasurer, Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
