EX-1
from 40-17F2
1 page
February 15, 2008 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, 2007, 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
12/34/56
