[Form 4] ABRDN JAPAN EQUITY FUND, INC. Insider Trading Activity

Rhea-AI Filing Summary

abrdn Japan Equity Fund (JEQ) director reported a share exchange tied to a fund reorganization. On October 10, 2025, JEQ was reorganized into the abrdn Global Infrastructure Income Fund. The filing shows Transaction Code J and reflects the exchange of 623.8527 JEQ common shares, leaving 0 shares beneficially owned in JEQ after the transaction.

Under the reorganization, common shareholders received acquiring fund shares equal in value to the aggregate NAV of JEQ shares surrendered, with cash paid for fractional shares. As of October 10, 2025, JEQ reported a NAV per share of $7.9308 and the acquiring fund reported $29.959. The conversion ratio was 0.378399, resulting in the director receiving 236 acquiring fund shares for the 623.8527 JEQ shares exchanged.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Ajmera Radhika

(Last) (First) (Middle)

C/O ABRDN

1900 MARKET STREET, SUITE 200

(Street)

PHILADELPHIA PA 19103

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ABRDN JAPAN EQUITY FUND, INC. [ JEQ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/10/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/10/2025		J(1)		623.8527	D	(1)	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Effective as of October 10, 2025, abrdn Japan Equity Fund, Inc. (the "Target Fund") was reorganized into the abrdn Global Infrastructure Income Fund. (the "Acquiring Fund," and such reorganization, the "Reorganization"). In the Reorganization, common shareholders of the Target Fund received common shares of the Acquiring Fund having a value equal to the aggregate NAV of the Target Fund common shares surrendered as determined at the close of business on October 10, 2025, less the costs of the Reorganization (although cash was distributed for any fractional shares). As of October 10, 2025, the Target Fund reported a NAV per share of $7.9308 and the Acquiring Fund reported a NAV per share of $29.959. The conversion ratio for the Target Fund's common shares was 0.378399. In the Reorganization, the Reporting Person received 236 common shares of the Acquiring Fund in exchange for her 623.8527 common shares of the Target Fund.

	/s/ Lucia Sitar, by POA from Reporting Person	10/14/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What did JEQ disclose in this Form 4?

A director reported exchanging 623.8527 JEQ shares due to the fund’s reorganization on October 10, 2025, using Transaction Code J.

How many shares did the reporting person receive after the JEQ reorganization?

The reporting person received 236 shares of the acquiring fund.

What was the conversion ratio for JEQ in the reorganization?

The conversion ratio was 0.378399 JEQ shares to acquiring fund shares.

What were the NAVs used in the JEQ exchange?

As of October 10, 2025, JEQ NAV per share was $7.9308 and the acquiring fund NAV per share was $29.959.

What is the reporting person’s JEQ ownership after the transaction?

The reporting person reported 0 JEQ shares beneficially owned following the transaction.

Were fractional shares in the JEQ exchange paid in cash?

Yes. Cash was distributed for any fractional shares.