Exhibit 24


                               POWER OF ATTORNEY

      The undersigned, as a Director of each of the registered investment
companies listed below, hereby authorizes Keiko Tani, 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 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, 2007, unless otherwise terminated.

Dated:   January 31, 2006


 /s/ William K. Grollman
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      Director Signature


/s/ William K. Grollman
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         Print Name






/s/ Keiko Tani
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Keiko Tani


/s/ Neil A. Daniele
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Neil A. Daniele


/s/ Rita Chopra-Brathwaite
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Rita Chopra-Brathwaite