[SCHEDULE 13D/A] ABRDN JAPAN EQUITY FUND, INC. SEC Filing

Rhea-AI Filing Summary

Amendment No. 6 to Schedule 13D discloses that Saba Capital Management, L.P., Saba Capital Management GP, LLC and Boaz R. Weinstein (the Reporting Persons) report beneficial ownership of 551,552 common shares of ABRDN JAPAN EQUITY FUND, INC. (ticker JEQ), representing 7.8% of the 7,072,985 shares outstanding used for calculation. The filing states the Reporting Persons tendered 963,187 shares into the issuer's tender offer and the issuer accepted those shares for $8.04 per share. Funds used came from investor subscriptions, capital appreciation and margin borrowings, and the Reporting Persons paid approximately $3,523,390 to acquire the reported shares. The amendment updates Items 3, 4, 5 and 7.

Insights

Securities Analyst

TL;DR Saba reports a 7.8% position and participation in the issuer's tender at $8.04 per share, with clear funding disclosure.

The Schedule 13D/A provides transparent position metrics and funding sources. Reporting Persons disclose both aggregate beneficial ownership of 551,552 shares (7.8%) and participation in the issuer's tender offer where 963,187 shares were tendered and accepted at $8.04. The filing quantifies cash deployed (~$3.52M) and states the basis for outstanding share count. For investors, this is a routine but material ownership disclosure showing meaningful stake reporting and tender activity without additional strategic statements.

Corporate Governance Expert

TL;DR Filing documents beneficial ownership, tender participation and source of funds; it is procedural disclosure rather than a demand for governance changes.

The amendment updates identity, holdings and transaction details. It clarifies that voting and dispositive powers are shared for the reported 551,552 shares. The document includes standard legal attestations and power-of-attorney references for signatures. No new governance proposals or control claims are asserted in this filing.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 6)

ABRDN JAPAN EQUITY FUND, INC.

(Name of Issuer)

Common Shares, $0.01 par value

(Title of Class of Securities)

00306J109

(CUSIP Number)

Saba Capital Management, L.P.
405 Lexington Avenue, 58th Floor, Attention: Michael D'Angelo
New York, NY, 10174
(212) 542-4635

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/15/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 00306J109

1

Name of reporting person

Saba Capital Management, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 551,552.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 551,552.00

11

Aggregate amount beneficially owned by each reporting person

551,552.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.8 %

14

Type of Reporting Person (See Instructions)

PN, IA

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 7,072,985 shares of common stock outstanding as of 9/5/25, as disclosed in the press release of the company's tender offer statement filed 9/5/25.

SCHEDULE 13D

CUSIP No. 00306J109

1

Name of reporting person

Boaz R. Weinstein

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 551,552.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 551,552.00

11

Aggregate amount beneficially owned by each reporting person

551,552.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.8 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 7,072,985 shares of common stock outstanding as of 9/5/25, as disclosed in the press release of the company's tender offer statement filed 9/5/25.

SCHEDULE 13D

CUSIP No. 00306J109

1

Name of reporting person

Saba Capital Management GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 551,552.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 551,552.00

11

Aggregate amount beneficially owned by each reporting person

551,552.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.8 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 7,072,985 shares of common stock outstanding as of 9/5/25, as disclosed in the press release of the company's tender offer statement filed 9/5/25.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, $0.01 par value
(b)	Name of Issuer: ABRDN JAPAN EQUITY FUND, INC.
(c)	Address of Issuer's Principal Executive Offices: 1900 MARKET STREET, SUITE 200, Philadelphia, PENNSYLVANIA , 19103.
Item 1 Comment: This Amendment No. 6 amends Items 3, 4, 5, and 7.
Item 2.	Identity and Background
(a)	This Schedule 13D/A is being jointly filed by: (i) Saba Capital Management, L.P., a Delaware limited partnership ("Saba Capital"); (ii) Saba Capital Management GP, LLC, a Delaware limited liability company ("Saba GP"); and (iii) Mr. Boaz R. Weinstein ("Mr. Weinstein"), (together, the "Reporting Persons"). Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The filing of this statement should not be construed as an admission that any Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the Common Shares reported herein.
(b)	The address of the business office of each of the Reporting Persons is 405 Lexington Avenue, 58th Floor, New York, New York 10174.
(c)	The principal business of: (i) Saba Capital is to serve as investment manager to private and public investment funds and/or accounts, (ii) Saba GP is to serve as general partner of the Saba Capital and other affiliated entities, and (iii) Mr. Weinstein, an individual, is managing member of the general partner of Saba Capital and other affiliated entities.
(d)	The Reporting Persons have not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	The Reporting Persons have not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was, or is subject to, a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws.
(f)	Saba Capital is organized as a limited partnership under the laws of the State of Delaware. Saba GP is organized as a limited liability company under the laws of the State of Delaware. Mr. Weinstein is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time. Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $3,523,390 was paid to acquire the Common Shares reported herein.
Item 4.	Purpose of Transaction
	On September 15, 2025, the Reporting Persons tendered into the Issuer's tender offer and the Issuer accepted 963,187 Common Shares in exchange for cash at a price of $8.04 per share, as further described in the press release of the Issuer's tender offer statement filed 9/5/25.
Item 5.	Interest in Securities of the Issuer
(a)	See the Reporting Persons section of this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons. The percentages used herein are calculated based upon 7,072,985 shares of common stock outstanding as of 9/5/25, as disclosed in the press release of the company's tender offer statement filed 9/5/25.
(b)	See the Reporting Persons section of this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	Shares tendered in tender offer by the Issuer.
(d)	The funds and accounts advised by Saba Capital have the right to receive the dividends and proceeds of sales from the Common Shares.
(e)	Not Applicable.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Saba Capital Management, L.P.

Signature:	/s/ Michael D'Angelo
Name/Title:	General Counsel
Date:	09/17/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	09/17/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	09/17/2025

Comments accompanying signature:

Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823