Form 4: Saba Capital and Boaz Weinstein sell 1,730 JEQ shares

Rhea-AI Filing Summary

abrdn Japan Equity Fund, Inc. (JEQ) Form 4 shows insider selling activity by Saba Capital Management, L.P. and Boaz Weinstein. On 08/19/2025 a reported transaction coded S (sale) disposed of 1,730 shares of JEQ at $8.17 per share. Following the sale, the reporting persons disclose beneficial ownership of 1,514,739 shares, held indirectly. The filing includes signatures dated 08/21/2025. No derivative transactions are reported.

Insights

Financial Analyst

TL;DR: Director and 10% owner reported a small open-market sale; ownership remains disclosed as large and indirect.

The Form 4 documents a single sale of 1,730 common shares at $8.17 executed on 08/19/2025, leaving 1,514,739 shares beneficially owned indirectly. The report contains no derivative activity. From a trading-disclosure viewpoint this appears to be a straightforward disposition report by an entity and individual listed as a director and 10% owner. The filing is complete with signatures on 08/21/2025.

Corporate Governance Expert

TL;DR: Routine insider sale filed correctly; the report confirms indirect beneficial ownership and timely signature.

The filing identifies Saba Capital Management, L.P. and Boaz Weinstein as reporting persons with the relationship marked as Director and 10% Owner. It discloses a sale transaction (code S) and the post-transaction indirect ownership level of 1,514,739 shares. No amendments or derivative instruments are reported. The signature dates (08/21/2025) indicate the form was executed within a standard timeframe following the 08/19/2025 trade.

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
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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)
08/19/2025

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

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

	Form filed by One Reporting Person
X	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	08/19/2025		S		1,730	D	$8.17	1,514,739	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

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)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Weinstein Boaz

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

	Saba Capital Management, L.P. By: Zachary Gindes	08/21/2025
	Boaz Weinstein	08/21/2025
	** 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 transaction did JEQ insiders report on Form 4?

The Form 4 reports a sale of 1,730 shares of JEQ on 08/19/2025 at a price of $8.17 per share.

Who filed the Form 4 for JEQ?

The filing was made by Saba Capital Management, L.P. and individual reporting person Boaz Weinstein, each listed as a director and 10% owner.

How many JEQ shares are beneficially owned after the reported transaction?

The Form 4 discloses 1,514,739 shares beneficially owned following the reported sale, held indirectly.

Are there any derivative transactions reported in this Form 4 for JEQ?

No. The filing shows no derivative securities acquired, disposed of, or beneficially owned.

When was the Form 4 signed?

The signatures on the Form 4 are dated 08/21/2025.