SOURCE: Daiwa Securities Trust Company

December 20, 2007 11:23 ET

The Japan Equity Fund Will Not Make Annual Distribution for 2007

JERSEY CITY, NJ--(Marketwire - December 20, 2007) - The Japan Equity Fund, Inc. (NYSE: JEQ), a closed-end management investment company seeking long-term capital appreciation through investment primarily in equity securities issued by companies located in, or deriving revenue from, Japan, announced that it will not declare an annual distribution to its stockholders for 2007. It was determined that there was insufficient income on a tax basis to declare a 2007 annual distribution. For the fiscal year ended October 31, 2007, the Fund earned net investment income, which was offset by unrealized capital losses in an investment in a passive foreign investment company. Also the Fund realized net capital gains from its investment transactions and utilized capital loss carryforwards of $7,054,688. Consequently, the Fund will not be required to make a distribution pursuant to the Internal Revenue Code of 1986, as amended.

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