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

At close Feb 25, 2015

Market Price$7.66
Unadjusted NAV**$8.65

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").


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.

View now

Manager's Monthly Report

December 2014

  • Japanese equities closed marginally lower in both yen and U.S. dollar terms in December. Concerns over the Russian rouble’s collapse in response to weaker global oil prices dented sentiment. However, optimism over the government’s 3.5 trillion yen (approximately US$29.8 billion) stimulus package targeted at small businesses and low-income families pared losses.
  • In politics, Prime Minister Shinzo Abe's Liberal Democratic Party and its coalition partner Komeito secured a two-thirds majority in a snap election. The renewed mandate will allow Abe to pursue tougher reforms, which include a 2.51 percentage-point reduction in the effective corporate tax rate and measures to encourage home-buying.
  • In Fund-related news, baby and home healthcare products maker Pigeon Corp.’s quarterly results were in line with the market’s expectations. Honda will recall 13 million cars globally owing to Takata Corp.’s defective airbag issue. Auto parts suppliers Aisin Seiki (Fund holding) and Shiroki agreed to merge their mechanical seat frame component businesses into Toyota Boshoku by the end of 2015.¹ Aisin Seiki will make Shiroki a subsidiary via a share-swap agreement.² The reorganization would allow Aisin Seiki to focus its resources on its core businesses while achieving cost synergies with Shiroki. The move underlines Toyota Boshoku’s continued cost-reduction efforts by simplifying its supply chain.
  • Elsewhere, camera and office equipment maker Canon upgraded its 2015 dividend forecast by 15% to 150 yen (roughly US$1.27) per share, reflecting its stable business environment.
  • There were no major changes to the Fund in December.

1The Fund does not hold Shiroki and Toyota Boshoku.
2In a share-swap agreement, shareholders' ownership of the target company's shares are exchanged for shares of the exchanged for shares of the acquiring company as part of a merger or acquisition.

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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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