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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>
      <regPhone>800-833-0018</regPhone>
      <seriesName>Japan Smaller Capitalization Fund, Inc.</seriesName>
      <seriesLei>5493000KJSHWEB3YKZ37</seriesLei>
      <repPdEnd>2027-02-28</repPdEnd>
      <repPdDate>2026-05-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>5679010.59</totLiabs>
      <netAssets>373974730.35</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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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ROHTO PHARMACEUTICAL CO  /JPY/</name>
        <lei>353800Q1CW5OS81OUM12</lei>
        <title>ROHTO PHARMACEUTICAL CO LTD /JPY/</title>
        <cusip>J65371106</cusip>
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          <isin value="JP3982400008"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>GMO INTERNET GROUP INC /JPY/</name>
        <lei>529900BFZEY3BESHBW90</lei>
        <title>GMO INTERNET GROUP INC /JPY/</title>
        <cusip>J1822R104</cusip>
        <identifiers>
          <isin value="JP3152750000"/>
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        <balance>322900.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SUMITOMO OSAKA CEMENT CO /JPY/</name>
        <lei>5299001WJ26J6HQN5D67</lei>
        <title>SUMITOMO OSAKA CEMENT CO LTD /JPY/</title>
        <cusip>J77734101</cusip>
        <identifiers>
          <isin value="JP3400900001"/>
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        <balance>34300.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TACHIBANA ELETECH CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>TACHIBANA ELETECH CO LTD /JPY/</title>
        <cusip>J78744109</cusip>
        <identifiers>
          <isin value="JP3466600008"/>
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        <balance>65800.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      </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"/>
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        <balance>846500.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="159.22500000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>NISHIMATSU CONSTRUCTION  /JPY/</name>
        <lei>N/A</lei>
        <title>NISHIMATSU CONSTRUCTION CO /JPY/</title>
        <cusip>J56730120</cusip>
        <identifiers>
          <isin value="JP3659200004"/>
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        <balance>63900.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KUMAGAI GUMI CO LTD /JPY/</name>
        <lei>529900M993KYZI2Q1Q47</lei>
        <title>KUMAGAI GUMI CO LTD /JPY/</title>
        <cusip>J36705150</cusip>
        <identifiers>
          <isin value="JP3266800006"/>
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        <balance>510000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>TOBU RAILWAY CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>TOBU RAILWAY CO LTD /JPY/</title>
        <cusip>J84162148</cusip>
        <identifiers>
          <isin value="JP3597800006"/>
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        <balance>58500.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </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"/>
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        <balance>126100.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="159.22500000"/>
        <valUSD>699301.62000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </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"/>
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        <balance>353000.00000000</balance>
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        <valUSD>2886519.08000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FERROTEC CORP /JPY/</name>
        <lei>3538005N4KWZD4R07U97</lei>
        <title>FERROTEC CORP /JPY/</title>
        <cusip>J1347N109</cusip>
        <identifiers>
          <isin value="JP3802720007"/>
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        <balance>69400.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="159.22500000"/>
        <valUSD>3787633.85000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>OSAKA SODA CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>OSAKA SODA CO LTD /JPY/</title>
        <cusip>J62707104</cusip>
        <identifiers>
          <isin value="JP3485900009"/>
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        <balance>40000.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TSUMURA &amp; CO /JPY/</name>
        <lei>3538005RS3M1OVJLC663</lei>
        <title>TSUMURA &amp; CO /JPY/</title>
        <cusip>J93407120</cusip>
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          <isin value="JP3535800001"/>
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        <valUSD>3929043.81000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <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"/>
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        <valUSD>14136511.23000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MORITA HOLDINGS CORPORATION /JPY/</name>
        <lei>N/A</lei>
        <title>MORITA HOLDINGS CORPORATION /JPY/</title>
        <cusip>J46604104</cusip>
        <identifiers>
          <isin value="JP3925600003"/>
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        <balance>192500.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NIPPN CORP /JPY/</name>
        <lei>353800V7HRZ1HQGJCW63</lei>
        <title>NIPPN CORP /JPY/</title>
        <cusip>J5179A101</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAKAI CHEMICAL INDUSTRY  /JPY/</name>
        <lei>N/A</lei>
        <title>SAKAI CHEMICAL INDUSTRY CO /JPY/</title>
        <cusip>J66489121</cusip>
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          <isin value="JP3312800000"/>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>TOWA CORP /JPY/</name>
        <lei>353800HAMO7IT6KBJX75</lei>
        <title>TOWA CORP /JPY/</title>
        <cusip>J9042T107</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MORINAGA &amp; CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>MORINAGA &amp; CO LTD /JPY/</title>
        <cusip>J46367108</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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      <invstOrSec>
        <name>COSMO ENERGY HOLDINGS CO /JPY/</name>
        <lei>353800Y4GZ7KR5X7L150</lei>
        <title>COSMO ENERGY HOLDINGS CO LTD /JPY/</title>
        <cusip>J08906109</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TAIKISHA LTD /JPY/</name>
        <lei>3538005OOQOUE7DBWV52</lei>
        <title>TAIKISHA LTD /JPY/</title>
        <cusip>J79389102</cusip>
        <identifiers>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CREDIT SAISON CO LTD /JPY/</name>
        <lei>529900SV58ZWTGRH3A66</lei>
        <title>CREDIT SAISON CO LTD /JPY/</title>
        <cusip>J7007M109</cusip>
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        <balance>152100.00000000</balance>
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        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>TOEI ANIMATION CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>TOEI ANIMATION CO LTD /JPY/</title>
        <cusip>J84453109</cusip>
        <identifiers>
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      <invstOrSec>
        <name>HAMAKYOREX CO LTD /JPY/</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>KOMATSU WALL INDUSTRY CO /JPY/</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>NIPPON SEIKI CO LTD /JPY/</name>
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      <invstOrSec>
        <name>WORLD CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>WORLD CO LTD /JPY/</title>
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      <invstOrSec>
        <name>BUYSELL TECHNOLOGIES CO  /JPY/</name>
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          <isin value="JP3778270003"/>
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      <invstOrSec>
        <name>YAMABIKO CORP /JPY/</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>ULVAC INC /JPY/</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>TOHOKU ELECTRIC POWER CO /JPY/</name>
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      <invstOrSec>
        <name>OKI ELECTRIC INDUSTRY CO /JPY/</name>
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      <invstOrSec>
        <name>NICHIRIN CO LTD /JPY/</name>
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        <cusip>J4983T109</cusip>
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      <invstOrSec>
        <name>KOMEHYO HOLDINGS CO LTD /JPY/</name>
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        <name>YONDENKO CORP /JPY/</name>
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        <name>NS GROUP INC /JPY/</name>
        <lei>N/A</lei>
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        <name>RAKUTEN BANK LTD /JPY/</name>
        <lei>3538007HFAF2NOCBUE44</lei>
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        <name>SUNCALL CORP /JPY/</name>
        <lei>N/A</lei>
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        <name>NIPPON AVIONICS CO LTD /JPY/</name>
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        <name>QOL HOLDINGS CO LTD /JPY/</name>
        <lei>N/A</lei>
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        <name>JM HOLDINGS CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>JM HOLDINGS CO LTD /JPY/</title>
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        <name>MUSASHINO BANK LTD/THE /JPY/</name>
        <lei>353800L8RJMVN2OOS612</lei>
        <title>MUSASHINO BANK LTD/THE /JPY/</title>
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        <name>SWCC CORP /JPY/</name>
        <lei>353800A7RNYOC4KL4T49</lei>
        <title>SWCC CORP /JPY/</title>
        <cusip>J7863E100</cusip>
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        <name>TSUZUKI DENKI CO LTD /JPY/</name>
        <lei>3538008A8ICJLVI54474</lei>
        <title>TSUZUKI DENKI CO LTD /JPY/</title>
        <cusip>J9358G103</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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        <name>DAIKO XTECH LTD /JPY/</name>
        <lei>N/A</lei>
        <title>DAIKO XTECH LTD /JPY/</title>
        <cusip>J10122109</cusip>
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      </invstOrSec>
      <invstOrSec>
        <name>FUTURE ARCHITECT INC /JPY/</name>
        <lei>N/A</lei>
        <title>FUTURE ARCHITECT INC /JPY/</title>
        <cusip>J16832107</cusip>
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          <isin value="JP3826200002"/>
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      </invstOrSec>
      <invstOrSec>
        <name>JINUSHI CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>JINUSHI CO LTD /JPY/</title>
        <cusip>J52776101</cusip>
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          <isin value="JP3714200007"/>
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      <invstOrSec>
        <name>NORITAKE CO LTD /JPY/</name>
        <lei>529900EN4XJGJXV4A581</lei>
        <title>NORITAKE CO LTD /JPY/</title>
        <cusip>J59052118</cusip>
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          <isin value="JP3763000001"/>
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      <invstOrSec>
        <name>TOKYO KIRABOSHI FINANCIA /JPY/</name>
        <lei>N/A</lei>
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          <isin value="JP3584400000"/>
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      <invstOrSec>
        <name>TEKSCEND PHOTOMASK CORP /JPY/</name>
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        <title>TEKSCEND PHOTOMASK CORP /JPY/</title>
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          <isin value="JP3545320008"/>
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      <invstOrSec>
        <name>MACNICA FUJI ELECTRONICS /JPY/</name>
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        <title>MACNICA FUJI ELECTRONICS HOL /JPY/</title>
        <cusip>J3923S106</cusip>
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          <isin value="JP3862960006"/>
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      <invstOrSec>
        <name>SAKATA INX CORP /JPY/</name>
        <lei>N/A</lei>
        <title>SAKATA INX CORP /JPY/</title>
        <cusip>J66661125</cusip>
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          <isin value="JP3314800008"/>
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      <invstOrSec>
        <name>COVER CORP /JPY/</name>
        <lei>52990035OHMHKGU4UZ13</lei>
        <title>COVER CORP /JPY/</title>
        <cusip>J0R95K102</cusip>
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          <isin value="JP3218500001"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RESTAR CORP /JPY/</name>
        <lei>353800609PNM9E4ZNY15</lei>
        <title>RESTAR CORP /JPY/</title>
        <cusip>J6450H104</cusip>
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          <isin value="JP3944360001"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>YAMAICHI ELECTRONICS CO  /JPY/</name>
        <lei>N/A</lei>
        <title>YAMAICHI ELECTRONICS CO LTD /JPY/</title>
        <cusip>J95820106</cusip>
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          <isin value="JP3934200001"/>
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      </invstOrSec>
      <invstOrSec>
        <name>RYODEN CORP /JPY/</name>
        <lei>N/A</lei>
        <title>RYODEN CORP /JPY/</title>
        <cusip>J65715120</cusip>
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          <isin value="JP3976200000"/>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>KANADEN CORP /JPY/</name>
        <lei>N/A</lei>
        <title>KANADEN CORP /JPY/</title>
        <cusip>J29524105</cusip>
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          <isin value="JP3215000005"/>
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      <invstOrSec>
        <name>GEO HOLDINGS CORPORATION /JPY/</name>
        <lei>N/A</lei>
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        <cusip>J17768102</cusip>
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      <invstOrSec>
        <name>TOKYOTOKEIBA CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>TOKYOTOKEIBA CO LTD /JPY/</title>
        <cusip>J88462106</cusip>
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      <invstOrSec>
        <name>STEP CO LTD /JPY/</name>
        <lei>N/A</lei>
        <title>STEP CO LTD /JPY/</title>
        <cusip>J7674N109</cusip>
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      <invstOrSec>
        <name>NIPPON SODA CO LTD /JPY/</name>
        <lei>N/A</lei>
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        <name>MIURA CO LTD /JPY/</name>
        <lei>3538005VS7UNWU9PHX56</lei>
        <title>MIURA CO LTD /JPY/</title>
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        <name>TPR CO LTD /JPY/</name>
        <lei>N/A</lei>
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        <cusip>J82528100</cusip>
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      <invstOrSec>
        <name>IDEC CORP /JPY/</name>
        <lei>N/A</lei>
        <title>IDEC CORP /JPY/</title>
        <cusip>J23274111</cusip>
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      <invstOrSec>
        <name>SANYO SHOKAI LTD /JPY/</name>
        <lei>N/A</lei>
        <title>SANYO SHOKAI LTD /JPY/</title>
        <cusip>J69198109</cusip>
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      </invstOrSec>
      <invstOrSec>
        <name>HI-LEX CORP /JPY/</name>
        <lei>N/A</lei>
        <title>HI-LEX CORP /JPY/</title>
        <cusip>J20749107</cusip>
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        <invCountry>JP</invCountry>
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        <name>H I S CO LTD /JPY/</name>
        <lei>353800XDWLF35XVQNM38</lei>
        <title>H I S CO LTD /JPY/</title>
        <cusip>J20087102</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ASKUL CORP /JPY/</name>
        <lei>N/A</lei>
        <title>ASKUL CORP /JPY/</title>
        <cusip>J03325107</cusip>
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        <pctVal>0.755994095471</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="159.22500000"/>
        <valUSD>2484211.02000000</valUSD>
        <pctVal>0.664272427625</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="159.22500000"/>
        <valUSD>3179005.18000000</valUSD>
        <pctVal>0.850058820023</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>2026-06-30</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>
  <documents>XXXX</documents>
</edgarSubmission>
