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

At close Apr 16, 2014

Market Price$6.47
Unadjusted NAV**$7.22

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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The 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").


2014: An important year for Asia’s four largest economies

Following the rough ride of 2013, we believe four of Asia’s biggest economies now find themselves at a cross road of economic and financial reform. In our opinion, the outcome of these reforms could be critical for both the future growth path of these countries and the global economy.

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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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Investing in Asia Pacific

Aberdeen Japan Equities Fund Manager Interview

Kwok Chern Yeh, Head of Investment Management, Japan, speaks to the current trends that are affecting Japanese equities.

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Aberdeen assumes investment management responsibility of The Japan Equity Fund, Inc.

The Japan Equity Fund, Inc. (NYSE: JEQ), a closed-end investment company, announced that Aberdeen Asset Management Asia Limited will assume investment management responsibility effective January 6, 2014.

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Manager's Monthly Report

February 2014

  • Japanese equities fell in February and lagged the broader Asia region, following the yen’s appreciation against the U.S. dollar. Meanwhile, the Bank of Japan expanded its loan programs to induce lending in response to growth fears after the nation reported lackluster fourth-quarter gross domestic product growth of 0.3%.
  • During the month, most of the Fund’s holdings’ results either met or exceeded our expectations. Toyota Motor and auto parts maker Denso were bolstered by the weak yen during the reporting period, while their underlying businesses remained robust. Mitsubishi Estate maintained its fullyear 2014 guidance because of impending redevelopment costs in the fourth quarter. Diversified retailer Seven & i Holdings raised its full-year 2014 dividend guidance by 3%.
  • Separately, technology equipment maker Canon and Aeon Financial Service (AFS) announced share buybacks. Notably, AFS’s share buyback would offset the dilution stemming from its convertible bonds.*
  • Honda Motor will reshuffle its top management and appoint its first foreign operating officer. It will also assign its first external female director to its board, while subsidiary FCC will also appoint its first outside director.
  • Regarding Fund activity in February, we initiated a position in Aeon Financial Services (AFS), a provider of credit card and consumer finance services. We believe that the company has a strong base to market its products, thanks to its relationship with largest shareholder Aeon Co., while its merger with Aeon Bank enables it to lower its funding costs. Additionally, AFS has a successful track record of building its business across Asia.

*Convertible bonds can be converted into a predetermined amount of the company's equity at certain times during its life, usually at the discretion of the bondholder.

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