<PAGE> PAGE 1
000 B000000 10/31/98
000 C000000 0000866095
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 2.2
000 J000000 A
001 A000000 THE JAPAN EQUITY FUND,INC.
001 B000000 811-06152
001 C000000 2019153020
002 A000000 ONE EVERTRUST PLAZA, 9TH FLOOR
002 B000000 JERSEY CITY
002 C000000 NJ
002 D010000 07302
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
008 A000001 DAIWA INTERNATIONAL CAPITAL MANAGEMENT
008 B000001 A
008 C000001 801-159480
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10281
008 A000002 DAIWA SECURITIES TRUST COMPANY
008 B000002 A
008 C000002 801-00000
008 D010002 JERSEY CITY
008 D020002 NJ
008 D030002 07302
010 A000001 DAIWA SECURITIES TRUST COMPANY
010 C010001 JERSEY CITY
010 C020001 NJ
010 C030001 07302
011 A000001 DAIWA SECURITIES AMERICA, INC.
011 B000001 8-37095
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10281
012 A000001 PNC BANK, NATIONAL ASSOCIATION
012 B000001 85-1196
012 C010001 WILMINGTON
012 C020001 DE
012 C030001 19899
013 A000001 PRICE WATERHOUSE LLP
013 B010001 NEW YORK
013 B020001 NY
<PAGE> PAGE 2
013 B030001 10036
014 A000001 DAIWA SECURITIES AMERICA, INC.
014 B000001 8-37095
014 A000002 DAIWA SECURITIES TOKYO
014 B000002 8-00000
015 A000001 DAIWA SECURITIES TRUST COMPANY
015 B000001 S
015 C010001 JERSEY CITY
015 C020001 NJ
015 C030001 07302
015 E010001 X
015 A000002 THE SUMITOMO BANK, LTD.
015 B000002 S
015 C010002 TOKYO
015 D010002 JAPAN
015 D020002 100.91
015 E040002 X
018 000000 Y
019 A000000 N
019 B000000 0
020 A000001 UNIVERSAL
020 C000001 72
020 A000002 DAIWA SECURITIES TOKYO
020 C000002 56
020 A000003 MORGAN STANLEY
020 C000003 33
020 A000004 DEUTCHE MORGAN GRENF
020 C000004 26
020 A000005 DEUTSCHE BANK
020 C000005 22
020 A000006 GOLDMAN SACHS
020 C000006 8
020 A000007 JARDINE FLEMING
020 C000007 8
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 225
022 C000001 0
022 D000001 0
022 C000002 0
022 D000002 0
022 C000003 0
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
<PAGE> PAGE 3
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 0
023 D000000 0
024 000000 N
025 A000001 DELETE
025 D000001 0
025 A000002 DELETE
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
<PAGE> PAGE 4
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 Y
047 000000 Y
048 000000 0.000
048 A010000 20000
048 A020000 0.600
048 B010000 30000
048 B020000 0.400
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
<PAGE> PAGE 5
048 J020000 0.000
048 K010000 50001
048 K020000 0.200
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
<PAGE> PAGE 6
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 Y
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 33842
071 B000000 33570
071 C000000 64471
<PAGE> PAGE 7
071 D000000 52
072 A000000 12
072 B000000 4
072 C000000 685
072 D000000 0
072 E000000 0
072 F000000 278
072 G000000 125
072 H000000 0
072 I000000 0
072 J000000 81
072 K000000 0
072 L000000 64
072 M000000 37
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 57
072 S000000 43
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 86
072 X000000 771
072 Y000000 0
072 Z000000 -81
072AA000000 1585
072BB000000 18556
072CC010000 0
072CC020000 7203
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 511
074 B000000 0
074 C000000 0
074 D000000 0
074 E000000 0
074 F000000 65096
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 256
074 M000000 39
<PAGE> PAGE 8
074 N000000 65902
074 O000000 0
074 P000000 33
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 100
074 S000000 0
074 T000000 65769
074 U010000 10816
074 U020000 0
074 V010000 6.08
074 V020000 0.00
074 W000000 0.0000
074 X000000 350
074 Y000000 0
075 A000000 0
075 B000000 64565
076 000000 6.88
077 A000000 Y
077 B000000 Y
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 NATIONAL UNION FIRE CO OF PITT PA
080 C000000 4000
081 A000000 Y
081 B000000 3
082 A000000 Y
082 B000000 150
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
087 A010000 COMMON STOCK
<PAGE> PAGE 9
087 A020000 471051099
087 A030000 JEQ
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE SEAN PETERS
TITLE TREASURER
