Saba Capital Amends Schedule 13D: 1.51M JEQ Shares, $9.68M Cost

Rhea-AI Filing Summary

Saba Capital and related persons report beneficial ownership of 1,514,739 common shares of abrdn Japan Equity Fund, Inc., representing 21.42% of the 7,072,985 shares outstanding. The Schedule 13D/A (Amendment No. 5) updates Items 3, 5 and 7 and shows the shares were acquired for approximately $9,676,361 using subscription proceeds from investors, capital appreciation and margin borrowings in the ordinary course of business. The reporting group discloses shared voting and dispositive power over the shares and states dividend and sale proceeds rights for funds and accounts advised by Saba Capital. No criminal or relevant civil proceedings are reported by the reporting persons.

Positive

• Material stake disclosed: 1,514,739 shares representing 21.42% of outstanding common shares
• Transparency on funding: Purchase funded by investor subscriptions, capital appreciation and margin borrowings with total consideration of approximately $9,676,361
• Open-market purchases: Recent transactions were executed in the open market and are detailed in Schedule A
• Clear voting/dispositive disclosure: Reporting persons state shared voting and dispositive power and rights to dividends and sale proceeds

Negative

• None.

Insights

Financial Analyst

TL;DR: Saba Capital discloses a material 21.42% stake in JEQ, a significant ownership that could influence governance or strategy.

The filing reports ownership of 1,514,739 shares equal to 21.42% of outstanding common shares, a position large enough to be material for investors and potentially influential in corporate decisions. The acquisition cost disclosed (~$9.68 million) and use of fund capital plus margin facilities are explicitly stated. Transactions were executed in the open market and are summarized in an attached Schedule A. This filing clarifies voting and disposition powers as shared among the reporting persons and confirms entitlement to dividends and proceeds.

Corporate Governance Expert

TL;DR: A >20% ownership disclosure triggers governance attention; the filing improves transparency on control and economic rights.

The Schedule 13D/A identifies three affiliated reporting persons with shared voting and dispositive power, which is important for board and shareholder relations. Amendment references indicate prior disclosures were updated for Items 3, 5 and 7, enhancing clarity on source of funds and recent transactions. The filing contains no disclosures of legal or regulatory actions against the reporting persons, reducing immediate governance risk. The position size suggests the reporting group may engage with management or influence strategic outcomes.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

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)

09/05/2025

(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 1,514,739.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,514,739.00

11

Aggregate amount beneficially owned by each reporting person

1,514,739.00

12

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

13

Percent of class represented by amount in Row (11)

21.42 %

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 1,514,739.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,514,739.00

11

Aggregate amount beneficially owned by each reporting person

1,514,739.00

12

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

13

Percent of class represented by amount in Row (11)

21.42 %

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 1,514,739.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,514,739.00

11

Aggregate amount beneficially owned by each reporting person

1,514,739.00

12

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

13

Percent of class represented by amount in Row (11)

21.42 %

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. 5 amends Items 3, 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 $9,676,361 was paid to acquire the Common Shares reported herein.
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)	The transactions in the Common Shares effected by the Reporting Persons within the past sixty days prior to 9/5/25, the date of the event which required filing of this Schedule 13D/A, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference.
(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.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 7 - Schedule A

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:	09/08/2025

Boaz R. Weinstein

Signature:	/s/ Michael D'Angelo
Name/Title:	Authorized Signatory
Date:	09/08/2025

Saba Capital Management GP, LLC

Signature:	/s/ Michael D'Angelo
Name/Title:	Attorney-in-fact*
Date:	09/08/2025

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

FAQ

What percentage of JEQ does Saba Capital report owning?

Saba Capital and affiliated reporting persons disclose beneficial ownership of 1,514,739 shares, representing 21.42% of JEQ's outstanding common shares.

How much did Saba Capital pay to acquire the reported JEQ shares?

The filing states the reporting persons paid approximately $9,676,361 to acquire the shares reported in this Schedule 13D/A.

What sources of funds were used to buy the JEQ shares?

Funds came from subscription proceeds from investors, capital appreciation and margin account borrowings in the ordinary course of business.

Do the reporting persons have voting or dispositive power over the shares?

Yes; the filing discloses shared voting power and shared dispositive power over the 1,514,739 shares.

Were the reported JEQ transactions carried out in the open market?

Yes; the filing states the transactions within the 60-day period prior to the required event date were all executed in the open market and are listed in Schedule A.