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

Rhea-AI Filing Summary

abrdn Japan Equity Fund (JEQ) reported a director transaction tied to a fund reorganization effective October 10, 2025. In this event, JEQ common shareholders received shares of the abrdn Global Infrastructure Income Fund equal in value to the aggregate NAV exchanged, with cash for any fractional shares.

JEQ reported a NAV per share of $7.9308, while the acquiring fund reported $29.959. The stated conversion ratio was 0.378399. The reporting person exchanged 364 JEQ shares for 137 acquiring‑fund shares, and reported 0 JEQ shares beneficially owned afterward.

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^*

DiMartino Rose

(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 her 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.
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FAQ

What did JEQ (abrdn Japan Equity Fund) disclose in this Form 4?

A director’s holdings changed due to a reorganization effective October 10, 2025, exchanging JEQ shares for shares of the abrdn Global Infrastructure Income Fund.

What was the conversion ratio for JEQ shareholders?

The filing states a conversion ratio of 0.378399 for JEQ common shares.

What NAVs were used to determine the exchange value?

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

How many shares were exchanged by the reporting person?

The reporting person exchanged 364 JEQ shares for 137 shares of the acquiring fund.

Were fractional shares paid in cash?

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

What were the director’s JEQ holdings after the transaction?

The Form 4 shows 0 JEQ shares beneficially owned following the reported transaction.