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

At close Jan 23, 2015

Market Price$7.17
Unadjusted NAV**$8.17

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

November 2014

  • Japanese equities rallied in yen terms in November, with the market's rise in line with the weakening of the yen. The delay of a proposed sales tax hike also lifted market sentiment.
  • Market gains were pared, however, following weak economic data releases. The economy entered a technical recession in the quarter ended September 30, as the negative impact from a consumption tax hike earlier in the year was greater than expected. But equity prices remained firm towards the end of the month, owing to investors’ hopes of improved corporate earnings on the back of weakness in the local currency and lower crude oil prices.
  • In politics, Prime Minister Shinzo Abe dissolved the lower house for a snap election in mid- December.
  • Results for the Fund's holdings were generally positive, with several companies revising their forecasts upwards to reflect the weakening yen.
  • In Fund-related corporate news, Toyota Motor and several affiliated parts suppliers announced a series of business reorganizations that should raise efficiency across the group. Auto parts-makers Denso and Aisin Seiki plan to merge their brake-system businesses. Toyota and Aisin Seiki will combine their manual transmission divisions, while Toyota's diesel-engine development and domestic production will be consolidated under Toyota Industries.
  • Honda Motor is one of 10 automakers involved in recalling nearly 8 million U.S. vehicles with defective air-bags. The company, which released an independent audit that suggested lax reporting of accidents linked to its vehicles, could face fines and regulatory action.
  • Bank of Yokohama announced a ¥10 billion (roughly US$85 million) share buyback, continuing a trend of returning excess capital to shareholders. Separately, the company will merge with Higashi-Nippon Bank in 2016 as it extends its reach to the Tokyo metropolitan area.
  • There were no major changes to the Fund in November.
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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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