UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
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Investment Company Act file number |
811-06142 |
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THE JAPAN EQUITY FUND, INC. |
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(Exact name of registrant as specified in charter) |
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c/o Daiwa Securities Trust Company |
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07302 |
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(Address of principal executive offices) |
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(Zip code) |
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John J. O’Keefe |
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(Name and address of agent for service) |
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Registrant's telephone number, including area code: |
(201) 915-3054 |
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Date of fiscal year end: |
October 31 |
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Date of reporting period: |
July 31, 2006 |
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Item 1. Schedule of Investments. – The schedule of investments for the three-month period ended July 31, 2006 is filed herewith.
The Japan Equity Fund, Inc.
Portfolio of Investments
July 31, 2006 (unaudited)
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Shares |
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Value |
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COMMON STOCKS—97.30% |
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Banks—14.56% |
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422 |
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Mitsubishi UFJ Financial Group, Inc. |
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5,974,307 |
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540 |
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Mizuho Financial Group, Inc. |
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4,544,438 |
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60 |
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Sapporo Hokuyo Holdings, Inc. |
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702,613 |
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40,000 |
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The Bank of Fukuoka, Ltd. |
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298,523 |
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180,000 |
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The Bank of Yokohama, Ltd. |
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1,445,600 |
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65,000 |
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The Chiba Bank, Ltd. |
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637,333 |
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15,000 |
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The Gunma Bank, Ltd. |
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116,665 |
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17,000 |
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The Musashino Bank, Ltd. |
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950,800 |
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300,000 |
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The Sumitomo Trust & Banking Co., Ltd. |
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3,190,597 |
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15,000 |
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The Tochigi Bank, Ltd. |
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103,688 |
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17,964,564 |
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Chemicals—4.39% |
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29,000 |
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Nitto Denko Corp. |
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2,111,072 |
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57,000 |
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Shin-Etsu Chemical Co., Ltd. |
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3,307,524 |
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5,418,596 |
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Communication—3.51% |
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660 |
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NTT Corp. |
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3,454,863 |
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600 |
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NTT DoCoMo, Inc. |
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875,644 |
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4,330,507 |
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Construction—1.76% |
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90,000 |
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Daiwa House Industry Co., Ltd. |
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1,469,195 |
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15,000 |
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Kinden Corp. |
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116,272 |
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60,000 |
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Maeda Corp. |
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266,888 |
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60,000 |
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Shimizu Corp. |
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320,895 |
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2,173,250 |
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Electric Appliances—14.31% |
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55,000 |
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Canon Inc. |
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2,648,344 |
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10,000 |
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Fanuc Ltd. |
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835,445 |
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10,000 |
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Hirose Electric Co., Ltd. |
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1,291,619 |
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4,400 |
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Keyence Corp. |
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1,006,275 |
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176,000 |
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Matsushita Electric Industrial Co., Ltd. |
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3,668,269 |
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23,000 |
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Murata Manufacturing Co., Ltd. |
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1,523,552 |
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25,000 |
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Neomax Co., Ltd. |
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468,627 |
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130,000 |
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Sharp Corp. |
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2,200,559 |
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82,000 |
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Shinko Electric Industries Co., Ltd. |
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2,443,590 |
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20,000 |
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TDK Corp. |
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1,566,023 |
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17,652,303 |
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Electric Power & Gas—3.09% |
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72,000 |
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Kyushu Electric Power Co., Inc. |
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1,683,125 |
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36,000 |
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Tohoku Electric Power Co., Inc. |
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758,193 |
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51,000 |
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Tokyo Electric Power Co., Inc. |
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1,372,717 |
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3,814,035 |
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Insurance—3.80% |
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190,000 |
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Aioi Insurance Co., Ltd. |
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1,482,741 |
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65 |
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Millea Holdings Inc. |
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1,261,033 |
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100,000 |
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Mitsui Sumitomo Insurance Co., Ltd. |
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1,179,761 |
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120,000 |
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Nissay Dowa General Insurance Co., Ltd. |
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767,631 |
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4,691,166 |
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1
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Iron & Steel—1.56% |
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17,000 |
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JFE Holdings, Inc. |
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680,416 |
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320,000 |
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Nippon Steel Corp. |
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1,247,225 |
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1,927,641 |
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Land Transportation—3.10% |
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430 |
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East Japan Railway Co. |
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3,205,366 |
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33,000 |
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Fukuyama Transporting Co., Ltd. |
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118,815 |
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97,000 |
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Nippon Express Co., Ltd. |
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494,197 |
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3,818,378 |
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Machinery—6.89% |
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85,000 |
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Komatsu Ltd. |
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1,712,182 |
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37,000 |
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Makita Corp. |
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1,215,765 |
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52,000 |
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Miura Co., Ltd. |
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1,179,236 |
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200,000 |
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NSK Ltd. |
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1,536,310 |
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76,000 |
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OSG Corp. |
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1,322,346 |
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12,000 |
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SMC Corp. |
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1,538,408 |
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8,504,247 |
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Marine Transportation—0.50% |
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96,000 |
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Nippon Yusen Kabushiki Kaisha |
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619,138 |
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Metal Products—1.04% |
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120,000 |
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NHK Spring Co., Ltd. |
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1,282,531 |
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Non-Ferrous Metals—1.81% |
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170,000 |
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Sumitomo Electric Industries, Ltd. |
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2,232,893 |
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Oil & Coal Products—0.65% |
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15,000 |
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Nippon Oil Corp. |
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117,714 |
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55,000 |
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Showa Shell Sekiyu K.K. |
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688,762 |
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806,476 |
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Other Financing Business—2.47% |
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75,500 |
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Hitachi Capital Corp. |
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1,291,873 |
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6,700 |
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Orix Corp. |
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1,759,460 |
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3,051,333 |
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Other Products—1.23% |
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5,000 |
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Nintendo Co., Ltd. |
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935,506 |
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50,000 |
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Toppan Printing Co., Ltd. |
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576,335 |
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1,511,841 |
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Pharmaceutical—4.77% |
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28,000 |
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Astellas Pharma Inc. |
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1,115,791 |
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33,300 |
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Eisai Co., Ltd. |
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1,539,430 |
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50,000 |
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Takeda Pharmaceutical Co., Ltd. |
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3,233,418 |
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5,888,639 |
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Precision Instruments—2.50% |
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55,000 |
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Hoya Corp. |
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1,927,379 |
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32,000 |
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Terumo Corp. |
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1,157,738 |
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3,085,117 |
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Pulp & Paper—0.97% |
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300 |
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Nippon Paper Group Inc. |
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1,198,112 |
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Real Estate—2.29% |
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60,000 |
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Mitsui Fudosan Co., Ltd. |
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1,276,763 |
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55,000 |
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Park24 Co., Ltd. |
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1,542,865 |
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2,819,628 |
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Retail Trade—3.59% |
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10,000 |
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Shimamura Co., Ltd. |
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1,023,333 |
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60,000 |
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Sundrug Co., Ltd. |
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1,402,604 |
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18,900 |
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Xebio Co., Ltd. |
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602,858 |
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14,300 |
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Yamada Denki Co., Ltd. |
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1,393,385 |
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4,422,180 |
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2
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Rubber Products—1.55% |
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105,000 |
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Bridgestone Corp. |
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1,913,178 |
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Securities—1.88% |
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130,000 |
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Nomura Holdings Inc. |
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2,311,894 |
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Services—1.20% |
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11,000 |
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Nomura Research Institute, Ltd. |
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1,476,536 |
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Textile & Apparel—2.02% |
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22,000 |
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Gunze Ltd. |
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123,045 |
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420,000 |
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Teijin Ltd. |
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2,371,057 |
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2,494,102 |
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Transportation Equipment—9.63% |
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42,000 |
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Aisin Seiki Co., Ltd. |
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1,222,232 |
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38,000 |
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Denso Corp. |
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1,305,077 |
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86,000 |
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Honda Motor Co., Ltd. |
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2,840,863 |
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80 |
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Tachi-S Co., Ltd. |
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687 |
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123,000 |
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Toyota Motor Corp. |
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6,513,851 |
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11,882,710 |
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Wholesale Trade—2.23% |
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12,000 |
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Autobacs Seven Co., Ltd. |
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530,630 |
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150,000 |
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Marubeni Corp. |
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798,305 |
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100,000 |
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Sumitomo Corp. |
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1,419,208 |
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2,748,143 |
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Total Common Stocks (Cost—$94,661,748) |
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120,039,138 |
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Principal |
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Value |
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SHORT-TERM INVESTMENTS—0.04% |
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U.S. DOLLAR TIME DEPOSIT—0.04% |
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$ |
49 |
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Bank of New York Time Deposit, 0.05%, due 8/1/06 |
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(Cost—$49,084) |
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49,084 |
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Total Investments—97.34% |
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(Cost—$94,710,832) |
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120,088,222 |
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Other assets less liabilities—2.66% |
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3,287,107 |
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NET ASSETS |
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(Applicable to 14,420,917 shares of capital stock outstanding; equivalent to $8.56 per share) |
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100.00 |
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$ |
123,375,329 |
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3
Item 2. Controls and Procedures.
a) The Registrant’s Principal Executive Officer and Principal Financial Officer concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) were effective as of a date within 90 days prior to the filing date of this report (the “Evaluation Date”), based on their evaluation of the effectiveness of the Registrant’s disclosure controls and procedures as of the Evaluation Date.
b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the Registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 3. Exhibits.
(a) Certification of Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 99.302CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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The Japan Equity Fund, Inc. |
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By |
\s\John J. O’Keefe |
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John J. O’Keefe, Vice President & Treasurer |
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Date: August 4, 2006 |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
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By |
\s\John J. O’Keefe |
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Date: August 4, 2006 |
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John J. O’Keefe, Vice President & Treasurer |
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\s\ Hiroshi Kimura |
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Date: August 4, 2006 |
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Hiroshi Kimura, Chairman |
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