The Japan Equity Fund, Inc. operates as a closed-end, diversified management investment company in Japan. The fund's investment portfolio includes common stocks of companies listed on Tokyo Stock Exchange and the U.S. dollar time deposits. It invests in fishing, agriculture and forestry, mining, construction, manufacturing, electric power and gas, transport and communication, commerce, finance and insurance, real estate, and services sectors. Daiwa SB Investments (USA), Ltd. acts as its investment manager. The Japan Equity Fund, formerly known as The Japan Emerging Equity Fund, Inc., was incorporated in 1990 and is based in Jersey City, New Jersey.