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



October 13, 2003

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 September 30, 2003, 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,




Karen L. Stuckey

Enclosure

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



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