# Aberdeen Japan Equity Fund, Inc. (NYSE: JEQ)
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Daily Data

At close Oct 30, 2014

Market Price$7.08
Unadjusted NAV**$7.96

The NAV information is provided by the Fund's accounting agent. The price is as reported by the exchange on which the Fund trades. This information is unaudited and neither Aberdeen Asset Management PLC, its wholly owned subsidiaries, the Funds, nor any other person guarantees their accuracy.


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Aberdeen Japan Equity Fund, Inc. (NYSE: JEQ)****

Investment Objective

The investment objective of the Fund is to outperform over the long term, on a total return basis (including appreciation and dividends), the Tokyo Stock Price Index ("TOPIX"), a composite market-capitalization weighted index of all common stocks listed on the First Section of the Tokyo Stock Exchange ("TSE").

Hugh Young

Asian Equities Fund Manager Interview

The Association of South East Asian Nations (ASEAN) region has been a major part of Aberdeen’s Asian equity portfolios for quite some time. Aberdeen’s Head of Asian Equities, Hugh Young, speaks to the equity performance of ASEAN countries and explains why he believes the ASEAN region presents compelling investment opportunities.

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Aberdeen Japan Equity Fund, Inc. Webcast Update

Flavia Cheong gives an update on the Aberdeen Japan Equity Fund, Inc. and provides some color into some of the macroeconomic trends that are affecting the region.


Fund Manager Interview

Kwok Chern Yeh, Head of Investment Management, Japan, discusses the flat performance of Japanese stocks, small-cap vs. large-cap performance and our focus on what we view as high-quality companies.

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Manager's Monthly Report

August 2014

  • Japanese equities fell in August as weak economic data continued to point to a pullback following the consumption tax hike in April. Second-quarter gross domestic product declined 1.7% from a quarter earlier. Core machinery orders and industrial output did not meet expectations.
  • In Fund-related news, Toyota Motor’s results were boosted by demand in North America and ongoing cost-cuts, while Unicharm benefited from robust sales in Asia. The diaper maker will buy back ¥8 billion (roughly US$75 million) worth of shares.
  • In other corporate news, Chugai Pharmaceutical refuted speculation that its parent Roche was considering a buyout of the company. Additionally, Chugai will amend its licensing contract with Roche in an effort to accelerate the development of future drugs.
  • Yahoo! Japan will mount a takeover bid of ¥7.3 billion (approximately $US68 million) for marketing research firm Synergy Marketing to strengthen its advertising business.
  • Encouragingly, in our view, retail conglomerate Seven & I Holdings raised its annual dividend payout from 70 to 73 yen (about US$0.68) per share, a reflection of its underlying business strength.
  • We maintain a positive outlook about Bank of Yokohama and Sumitomo Mitsui Trust Bank’s proposed asset management joint venture to expand their retail investment products, which may help Bank of Yokohama diversify its revenue base.
  • There were no major changes to the Fund in August.
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****** As of 05/01/2014, Fund name changed from The Japan Equity Fund, Inc.


Pursuant to valuation policies adopted by the Board of Directors of the Fund, the Fund values foreign equity securities that primarily trade in certain markets that close ahead of the Fund’s daily 4:00 pm Eastern net asset value (“NAV”) calculation time at their fair values using prices provided by third-party independent pricing services. The fair value of each such security generally is calculated by applying a valuation factor provided by the independent pricing service to the last sales price for that security, or, if, the pricing service is unable to provide a fair value for a security, at the price at the close of the exchange on which it is principally traded, subject to adjustment by the Fund’s Pricing Committee. These daily fair valuations seek to reflect information available after the local market close that may affect the value of the foreign equity securities held by the Fund. As a result, this official NAV calculation reflects adjustments that may cause it to vary from a calculation based solely on closing prices. In contrast, the “Unadjusted NAV” of the Fund (shown above) is for informational purposes only and is computed using the closing prices on the relevant exchange. It does not reflect any daily fair valuation adjustments of the Fund’s foreign securities. The Unadjusted NAV does not represent the official NAV of the Fund, nor is the Unadjusted NAV used for Fund accounting or performance purposes. Investors should not rely upon the Unadjusted NAV when making their investment decisions.

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