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

At close Jul 24, 2014

Market Price$7.27
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 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

April 2014

  • Japanese equities continued to slide in April and underperformed most global stock markets, owing to the impact of the consumption tax hike implemented over the month. Investors were also disappointed that the central bank kept its monetary policy stance unchanged and refrained from increasing stimulus. The record-high trade deficit for March was a concern as well, with exports falling significantly despite the weak yen.
  • In Fund-related news, most of the Fund’s holdings reported results that met our forecasts. Companies which surprised on the upside included robotics firm Fanuc and Chugai Pharmaceutical. Fanuc benefited from solid demand for its profitable computer numerical controls and robot machines. Notably, the company’s order volume hit a fresh high during the fourth quarter, likely driven by US technology company Apple Inc. Chugai Pharmaceutical’s profits were boosted by the strong royalty income from its parent, Roche.
  • In other news, Shin-Etsu Chemical’s US subsidiary applied to the local government for permission to build Shin-Etsu Chemical’s first plant for ethylene, a key raw material for producing polyvinyl chloride (PVC). The increase of in-house production may potentially reduce total PVC production costs and result in greater profits.*
  • During the month, we sold the Fund’s holding in Takeda Pharmaceutical because of our concerns over ongoing lawsuits against the company for its diabetes drug, Actos, as well as increasing threats to its current drug portfolio from generic manufacturers. The proceeds were used to initiate a position in air conditioning equipment manufacturer Daikin Industries. In our opinion, Daikin has a solid global presence, particularly in China, where it leverages its environmentallyfriendly range of products.

* Forecasts and estimates are offered as opinion and are not reflective of potential performance, are not guaranteed and actual events or results may differ materially.

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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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