In this paper, a new circuit for AC to AC power conversion is presented. The circuit is derived from the matrix converter topology, which has the capability of direct AC to AC power conversion without any DC link reactive component and input inductance except a small snubber. It consists of only unidirectional switches such as IGBTs with antiparallel diodes in contrast to the matrix power converter which consists of bi-directional switches. The input displacement power factor of the proposed scheme is unity and the overall power factor is near unity. The waveform of the input line currents is much alike with the diode a large DC-link reactor. The validity of the circuit and its operation is confirmed by experiments which uses a dynamic load-field oriented induction motor drive system.