Exhibit 99.1





                               POWER OF ATTORNEY



     The undersigned, as a Director and/or officer of each of the registered
investment companies listed below, hereby authorizes Kenneth L. Munt, Neil A.
Daniele and Rita Chopra-Brathwaite or any of them, as attorney-in-fact, to
sign on his behalf on any form, or any amendment to such form, required to be
filed by the undersigned pursuant to the reporting requirements of Section
16(a) of the Securities Exchange Act of 1934 due to their capacity as a
Director and/or officer for each of the following registered investment
companies and to file, at the request of the undersigned, the same, with all
exhibits, thereto, with the Securities and Exchange Commission: Korea Equity
Fund, Inc. and Japan Smaller Capitalization Fund, Inc. This Power of Attorney
shall remain in effect through January 31, 2006, unless otherwise terminated.

Dated: January 11, 2005





/s/ John F. Wallace
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         Director/Officer Signature



 John F. Wallace
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         Print Name




/s/ Kenneth L. Munt
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Kenneth L.Munt




/s/ Neil A. Daniele
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Neil A. Daniele




/s/ Rita Chopra Brathwaite
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Rita Chopra Brathwaite