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

Rhea-AI Filing Summary

abrdn Japan Equity Fund, Inc. (JEQ) reported a director’s Form 4 reflecting a share exchange tied to a fund reorganization effective October 10, 2025. The reporting person disposed of 364 JEQ common shares and received 137 common shares of the acquiror, abrdn Global Infrastructure Income Fund, pursuant to the transaction.

The filing lists a conversion ratio of 0.378399. As of October 10, 2025, JEQ reported a NAV per share of $7.9308 and the acquiring fund reported a NAV per share of $29.959. Cash was distributed for any fractional shares. Following the transaction, the director reported 0 JEQ shares beneficially owned. The transaction was coded J on the form.

Insights

Closed-end fund governance analyst

Administrative share swap from fund reorganization; neutral impact.

This Form 4 records a mechanical exchange of shares due to a reorganization effective October 10, 2025. The insider disposed of 364 JEQ shares and received 137 shares of the acquiring fund, consistent with the stated conversion ratio of 0.378399.

The exchange references NAVs of $7.9308 for JEQ and $29.959 for the acquiring fund as of the same date, with cash provided for fractional shares. This filing documents the change in beneficial ownership for JEQ only and does not, by itself, alter corporate control or capital structure beyond the reorganization mechanics described.

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

OMB APPROVAL

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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^*

Clark Anthony S.

(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)		364	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 137 common shares of the Acquiring Fund in exchange for his 364 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What did JEQ disclose in this Form 4 filing (ticker: JEQ)?

A director exchanged 364 JEQ common shares for 137 shares of abrdn Global Infrastructure Income Fund as part of a reorganization effective October 10, 2025.

What conversion ratio was used in the JEQ share exchange?

The filing states a conversion ratio of 0.378399.

What were the NAVs used for the JEQ reorganization exchange?

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

How many JEQ shares did the insider hold after the transaction?

Following the transaction, the insider reported 0 JEQ shares beneficially owned.

Was any cash involved in the JEQ share exchange?

The filing notes that cash was distributed for any fractional shares.

What transaction code appears on the Form 4 for JEQ?

The transaction is listed with the code J.