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

At close Aug 19, 2014

Market Price$7.36
Unadjusted NAV**$8.26

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 why Japanese equities have fallen on worries over the consumption tax and how policymakers are confident that offsetting fiscal and monetary stimulus will work.

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Can Japan weather the sales tax hike?

In the middle of Prime Minister Shinzo Abe’s massive stimulus plan, Japanese growth has slowed and the nationwide consumption tax has increased from 3% to 8%. Read Aberdeen’s commentary to discover the implications of this policy change on the outlook for Japan and how Aberdeen’s fund managers navigate these uncertain waters.

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Manager's Monthly Report

June 2014

  • Japanese equities rose in June and led gains in the region, after the government finalized its new reform plan for economic growth. Highlights included lowering the effective corporate tax rate from the current level of around 36% to below 30% over several years, as well as improving corporate governance to enhance shareholder value.
  • In Fund-related mergers and acquisitions (M&A) news, we maintain a positive view of Yahoo Japan’s attempt to strengthen its settlement infrastructure to become a key local player. The company will acquire 65% of credit card company KC Card for 22.8 billion yen (about US$224 million), making it a subsidiary. We will monitor the company’s integration of the business in view of its botched attempt to acquire eAccess from Softbank earlier this year. Meanwhile, Japan Tobacco will acquire United Kingdom-based e-cigarette maker Zandera, boosting its foray into the rapidly expanding e-cigarette market. This is in line with its strategy to develop new products.
  • Fund holding Toyota Motor will launch a hydrogen-powered car in Japan by the end of this fiscal year for sale in Europe and the U.S. by next summer. While Toyota remains the leader in hybridengine vehicles, it faces several challenges, including the lack of refuelling stations, to establish a similar leadership for these hydrogen-powered cars.
  • Regarding Fund-related corporate results, personal products maker Pigeon Corp. benefited from steady growth in China and cost-cutting measures.
  • In June, we trimmed the positions in McDonald’s Holdings and Bank of Yokohama. Proceeds were used to initiate a position in Suruga Bank, which lends to those that have difficulties gaining access to credit through “traditional” commercial banking channels. Through its customer focus where it sees limited competition, Suruga Bank earns the highest margins in the industry,* with a strong track record of low credit costs.

* Source: Bloomberg, July 2014

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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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