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 October
31, 2008.  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 October 31, 2008, and
with respect to agreement of security purchases and sales, for
the period from August 7, 2008 (the date of our last
examination), through October 31, 2008:

-	Confirmation of securities and cash held for the Fund at the
Bank of New York (there were no securities held by Daiwa
Securities Trust Company, the Fund's Custodian, at October
31, 2008);

-	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 October 31, 2008 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 16, 2008





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