40-17F2

UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
	Washington, D.C.  20549

FORM N-17f-2

Certificate of Accounting of
Securities and Similar
Investments in the Custody of
Management Investment
Companies
Pursuant to Rule 17f-2 [17
CFR 270.17F-2]



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1. Investment Company Act File Number:

811-06142
Date examination
completed:

October 31, 2010
2. State identification Number:

AL
AK
AZ
AR
CA
CO

CT
DE
DC
FL
GA
HI

ID
IL
IN
IA
KS
KY

LA
ME
MD
MA
MI
MN

MS
MO
MT
NE
NV
NH

NJ
NM
NY
NC
ND
OH

OK
OR
PA
RI
SC
SD

TN
TX
UT
VT
VA
WA

WV
WI
WY
PUERTO RICO

Other (specify):
3. Exact name of investment company as specified in registration statement:

The Japan Equity Fund, Inc.
4. Address of principal executive office (number, street, city, state, zip
code):

John J. O?Keefe One Evertrust Plaza 9th Floor,  Jersey City, NJ 07302


INSTRUCTIONS

This Form must be completed by investment companies that have custody of
securities or similar investments.

Investment Company

1.	All items must be completed by the investment company.

2.	Give this Form to the independent public accountant who, in
compliance with Rule 17f-2 under the Act and applicable state law, examines
securities and similar investments in the custody of the investment company.

Accountant

3.	Submit this Form to the Securities and Exchange Commission and
appropriate state securities administrators when filing the certificate of
accounting required by Rule 17f-2 under the Act and applicable state law.
File the original and one copy with the Securities and Exchange Commission's
principal office in Washington, D.C., one copy with the regional office for
the region in which the investment company's principal business operations
are conducted, and one copy with the appropriate state administrator(s),
if applicable.

	THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT
	SEC 2198 (11-91)

EX-99.77B ACCT LTTR

December 23, 2010

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

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 October 31, 2010, 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,

/s/ Michael Greaney

Enclosure

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



		(1)

EX-99.77B ACCT LTTR

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, 2010.  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, 2010, and with respect to agreement of security
purchases and sales, for the period from September 30, 2010
(the date of our last examination), through October 31, 2010:

-	Confirmation of securities and cash held for the Fund at the
Fund's Sub-Custodian (Sumitomo Mitsui Banking Corporation);

-	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 2 security purchases and 2 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, 2010 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 9, 2010





1

2

EX-99.77B ACCT LTTR

Management Statement Regarding Compliance with Certain
Provisions of the Investment Company Act of 1940

We, as members of management of The Japan Equity Fund, Inc.
(the Fund), are responsible for complying with the
requirements of subsections (b) and (c) of Rule 17f-2,
Custody of Investments by Registered Management Investment
Companies, of the Investment Company Act of 1940.  We are
also responsible for establishing and maintaining effective
internal controls over compliance with those requirements.
We have performed an evaluation of the Fund's compliance with
the requirements of subsections (b) and (c) of Rule 17f-2 as
of October 31, 2010, and from September 30, 2010 through
October 31, 2010.

Based on this evaluation, we assert that the Fund was in
compliance with the requirements of subsections (b) and (c)
of Rule 17f-2 of the Investment Company Act of 1940 as of
October 31, 2010, and from September 30, 2010 through October
31, 2010, with respect to securities reflected in the
investment account of the Fund.


The Japan Equity Fund, Inc.


By:



John J. O'Keefe


Vice President and Treasurer

Title

December 23, 2010

Date