The Japan Smaller Capitalization Fund is a CEF trading on the NYSE with the ticker JOF.  JOF is down nearly 11% in the past month and 18% YTD, compared to the Wisdom Tree SmallCap Japan Fund DFJ, which is down 4% on the month and only 1% YTD.  The following graph illustrates the divergence of the two funds over the past month:

    As you can tell, unless JOF has an extreme weight in an asset that DFJ lacks that has also been horribly hit, it seems that JOF must be trading at a discount.  More so, as the volume chart for JOF indicates, it seems that the divergence is solely due to the closed nature of JOF combined with a large sale.  I would keep my eye on this fund if Japan can find stable footing this week.