Form 4: Saba Capital Reduces JEQ Stake to 551,552 Shares After Tender

Rhea-AI Filing Summary

Saba Capital Management, L.P. reported a Form 4 for ABRDN JAPAN EQUITY FUND, INC. (JEQ). On 09/15/2025 the reporting person disposed of 963,187 shares of JEQ at $8.04 per share via transaction code J(1). The form states these shares were tendered in a tender offer. Following the reported disposition, the reporting person beneficially owned 551,552 shares in an indirect capacity. The filing was signed on 09/17/2025 by representatives of Saba Capital.

Positive

• None.

Negative

• Disposed 963,187 shares of JEQ at $8.04 per share (transaction code J(1))
• Remaining indirect beneficial ownership reduced to 551,552 shares, indicating a meaningful stake reduction
• Transaction indicates insider-related selling via tender offer, which may reduce reported voting influence

Insights

Financial Analyst

TL;DR Large tender-offer disposition of 963,187 JEQ shares reduces Saba Capital's indirect stake to 551,552 shares.

The transaction is reported under code J(1), and the form explicitly states the shares were tendered in the issuer's tender offer. Disposition price was $8.04 per share. This filing documents an executed tender activity rather than an open-market sale, so market-impact conclusions require tender-offer context not provided here.

Corporate Governance Expert

TL;DR Insider-related entity materially reduced its indirect position through a tender offer, lowering its beneficial holding.

The filing shows a sizeable reduction of 963,187 shares with remaining indirect beneficial ownership of 551,552 shares. From a governance perspective, the report confirms compliance with Section 16 reporting requirements and discloses the mechanism (tender offer). The reduction could affect voting influence, but the document does not state pre-transaction ownership percentage or control implications.

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Saba Capital Management, L.P.

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

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	09/15/2025		J(1)		963,187	D	$8.04	551,552	I	-

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. Shares tendered in tender offer by the Issuer.

	Saba Capital Management, L.P. By: Zachary Gindes	09/17/2025
	Boaz Weinstein	09/17/2025
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Saba Capital report on Form 4 for JEQ?

The Form 4 reports that Saba Capital Management, L.P. disposed of 963,187 shares of JEQ on 09/15/2025 at $8.04 per share and now beneficially owns 551,552 shares indirectly.

How were the JEQ shares disposed according to the filing?

The filing uses transaction code J(1) and states the shares were tendered in a tender offer by the issuer.

When was the Form 4 signed and filed?

The Form 4 bears signatures by representatives of Saba Capital dated 09/17/2025.

What is the price per share disclosed in the transaction?

The disclosed disposition price was $8.04 per share.

Does the filing state how the remaining shares are held?

Yes, the filing indicates the remaining 551,552 shares are held in an indirect ownership form.