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:

December 30, 2002
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 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)