# EDGAR Filing Document

**Accession Number:** 0000866095
**File Stem:** 0001752724-25-137914
**Filing Date:** 2025-6
**Character Count:** 32563
**Document Hash:** cf8787b659b4d9d03a44cedf783b1f99
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-137914.hdr.sgml**: 20250613

**ACCESSION NUMBER**: 0001752724-25-137914

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250613

**DATE AS OF CHANGE**: 20250613

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ABRDN JAPAN EQUITY FUND, INC.
- **CENTRAL INDEX KEY:** 0000866095

**ORGANIZATION NAME:**
- **EIN:** 223060893
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06142
- **FILM NUMBER:** 251045339

**BUSINESS ADDRESS:**
- **STREET 1:** 1900 MARKET STREET
- **STREET 2:** SUITE 200
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
- **BUSINESS PHONE:** 215-405-5700

**MAIL ADDRESS:**
- **STREET 1:** 1900 MARKET STREET
- **STREET 2:** SUITE 200
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ABERDEEN JAPAN EQUITY FUND, INC.
- **DATE OF NAME CHANGE:** 20140428

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JAPAN EQUITY FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JAPAN EMERGING EQUITY FUND INC
- **DATE OF NAME CHANGE:** 19920407

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ABRDN JAPAN EQUITY FUND, INC.

- **b. Investment Company Act file number:** 811-06142

- **c. CIK number of Registrant:** 0000866095

- **d. LEI of Registrant:** 549300TENE1BGI09O157

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1900 Market Street

  - **City:** PHILADELPHIA

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19103

  - **Telephone number:** 215-405-5700

**Item A.2. Information about the Series.**

- **a. Name of Series:** ABRDN JAPAN EQUITY FUND, INC.

- **c. LEI of Series:** 549300TENE1BGI09O157

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $116913871.18

**Total Liabilities:** $14587951.36

**Net Assets:** $102325919.82

**Cash Not Reported:** $396461.98

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.76%                | 13.04%               | 3.38%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-463604.54              | $-171535.54                                |
| Month 2  | $116654.66               | $15783.69                                  |
| Month 3  | $276821.85               | $5348179.91                                |

### Schedule of Portfolio Investments

| Name                                    | Title                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ITOCHU Corp                             | ITOCHU Corp                                                | CUSIP: 000000000<br>LEI: J48DJYXDTLHM30UMYI18 | Long             | EC               | CORP              | JP        |     46100 | NS      | $2357689.33   | 2.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Kandenko Co Ltd                         | Kandenko Co Ltd                                            | CUSIP: 000000000<br>LEI: 35380080NSN7GCYZ3X14 | Long             | EC               | CORP              | JP        |    121600 | NS      | $2410424.58   | 2.36%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp                                | SMC Corp                                                   | CUSIP: 000000000<br>LEI: 353800O40V08DOZ70X62 | Long             | EC               | CORP              | JP        |       800 | NS      | $258912.72    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| MS&AD Insurance Group Holdings Inc      | MS&AD Insurance Group Holdings Inc                         | CUSIP: 000000000<br>LEI: 529900CXROT5S2HMMP26 | Long             | EC               | CORP              | JP        |     94300 | NS      | $2143419.90   | 2.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Metro Co Ltd                      | Tokyo Metro Co Ltd                                         | CUSIP: 000000000<br>LEI: 35380049N9IQPZ74JY58 | Long             | EC               | CORP              | JP        |     92500 | NS      | $1172070.67   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Chugai Pharmaceutical Co Ltd            | Chugai Pharmaceutical Co Ltd                               | CUSIP: 000000000<br>LEI: 529900T9LAII161DCN95 | Long             | EC               | CORP              | JP        |     54900 | NS      | $3162762.13   | 3.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Union Tool Co                           | Union Tool Co                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     23500 | NS      | $601684.58    | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Transaction Co Ltd                      | Transaction Co Ltd                                         | CUSIP: 000000000<br>LEI: 353800P5SK25ZQ3C7789 | Long             | EC               | CORP              | JP        |     14400 | NS      | $255989.03    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Lion Corp                               | Lion Corp                                                  | CUSIP: 000000000<br>LEI: 529900MPGS2GM7VPG855 | Long             | EC               | CORP              | JP        |    102900 | NS      | $1261241.67   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Ricoh Co Ltd                            | Ricoh Co Ltd                                               | CUSIP: 000000000<br>LEI: 549300HFIB2GRUMDID72 | Long             | EC               | CORP              | JP        |    148000 | NS      | $1556680.47   | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc      | Mitsubishi UFJ Financial Group Inc                         | CUSIP: 000000000<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |    500700 | NS      | $6308380.05   | 6.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Otsuka Corp                             | Otsuka Corp                                                | CUSIP: 000000000<br>LEI: 529900RG9DJ58J3UIE72 | Long             | EC               | CORP              | JP        |     57200 | NS      | $1268642.12   | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Kakaku.com Inc                          | Kakaku.com Inc                                             | CUSIP: 000000000<br>LEI: 353800KA15Y0DCPWYY65 | Long             | EC               | CORP              | JP        |     71200 | NS      | $1259233.54   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Group Holdings Ltd                | Asahi Group Holdings Ltd                                   | CUSIP: 000000000<br>LEI: 353800KAJ02XNHLCJW79 | Long             | EC               | CORP              | JP        |    154300 | NS      | $2132779.18   | 2.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Century Corp                      | Tokyo Century Corp                                         | CUSIP: 000000000<br>LEI: 35380096ZLHOF84DXR74 | Long             | EC               | CORP              | JP        |    106100 | NS      | $1117374.46   | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Olympus Corp                            | Olympus Corp                                               | CUSIP: 000000000<br>LEI: 5299000Y52IFDI1I2A21 | Long             | EC               | CORP              | JP        |     16900 | NS      | $221440.55    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Advantest Corp                          | Advantest Corp                                             | CUSIP: 000000000<br>LEI: 353800EMK32PDKS9XR54 | Long             | EC               | CORP              | JP        |     10300 | NS      | $430910.15    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp                         | Sony Group Corp                                            | CUSIP: 000000000<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |    172800 | NS      | $4558945.12   | 4.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Kioxia Holdings Corp                    | Kioxia Holdings Corp                                       | CUSIP: 000000000<br>LEI: 35380080RTKRARNH4R73 | Long             | EC               | CORP              | JP        |     65600 | NS      | $856819.52    | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| MISUMI Group Inc                        | MISUMI Group Inc                                           | CUSIP: 000000000<br>LEI: 353800SJWGE5BEK2V032 | Long             | EC               | CORP              | JP        |     61100 | NS      | $855965.38    | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Jeol Ltd                                | Jeol Ltd                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     19000 | NS      | $611063.59    | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Hitachi Ltd                             | Hitachi Ltd                                                | CUSIP: 000000000<br>LEI: 549300T6IPOCDWLKC615 | Long             | EC               | CORP              | JP        |    164600 | NS      | $4068173.34   | 3.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Electron Ltd                      | Tokyo Electron Ltd                                         | CUSIP: 000000000<br>LEI: 549300H5LSF8DP3RIJ34 | Long             | EC               | CORP              | JP        |      9800 | NS      | $1459203.52   | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Ibiden Co Ltd                           | Ibiden Co Ltd                                              | CUSIP: 000000000<br>LEI: 52990051DBFIQEY37C91 | Long             | EC               | CORP              | JP        |     11200 | NS      | $310477.61    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Kohoku Kogyo Co Ltd                     | Kohoku Kogyo Co Ltd                                        | CUSIP: 000000000<br>LEI: 353800AGQOS2M32PDN86 | Long             | EC               | CORP              | JP        |     38800 | NS      | $500261.69    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Daikin Industries Ltd                   | Daikin Industries Ltd                                      | CUSIP: 000000000<br>LEI: 549300Y7FWSTSHMW5Y57 | Long             | EC               | CORP              | JP        |      4600 | NS      | $524046.84    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiichi Sankyo Co Ltd                   | Daiichi Sankyo Co Ltd                                      | CUSIP: 000000000<br>LEI: 353800XGIU2IHQGC9504 | Long             | EC               | CORP              | JP        |     38400 | NS      | $982295.42    | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Kao Corp                                | Kao Corp                                                   | CUSIP: 000000000<br>LEI: 353800HM38HFCB8RGL63 | Long             | EC               | CORP              | JP        |     32200 | NS      | $1378853.12   | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Musashi Seimitsu Industry Co Ltd        | Musashi Seimitsu Industry Co Ltd                           | CUSIP: 000000000<br>LEI: 353800J742CBBV9MSZ43 | Long             | EC               | CORP              | JP        |     34700 | NS      | $596775.73    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Amada Co Ltd                            | Amada Co Ltd                                               | CUSIP: 000000000<br>LEI: 529900QF5O6TQGCPDX85 | Long             | EC               | CORP              | JP        |     74300 | NS      | $743967.93    | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| West Holdings Corp                      | West Holdings Corp                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     99000 | NS      | $1096147.17   | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyu Fudosan Holdings Corp             | Tokyu Fudosan Holdings Corp                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    320200 | NS      | $2242621.32   | 2.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Suntory Beverage & Food Ltd             | Suntory Beverage & Food Ltd                                | CUSIP: 000000000<br>LEI: 549300FONLMVK7YYYH41 | Long             | EC               | CORP              | JP        |      3300 | NS      | $115304.77    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| JX Advanced Metals Corp                 | JX Advanced Metals Corp                                    | CUSIP: 000000000<br>LEI: 353800NC6NPNKC4JEC58 | Long             | EC               | CORP              | JP        |    266500 | NS      | $1481425.37   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| NH Foods Ltd                            | NH Foods Ltd                                               | CUSIP: 000000000<br>LEI: 353800NLDBIOUQILWU82 | Long             | EC               | CORP              | JP        |     32600 | NS      | $1230757.64   | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                            | Keyence Corp                                               | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |      4200 | NS      | $1755984.33   | 1.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Internet Initiative Japan Inc           | Internet Initiative Japan Inc                              | CUSIP: 000000000<br>LEI: 529900EOCJNAPUHDFR78 | Long             | EC               | CORP              | JP        |     26300 | NS      | $487690.83    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Pan Pacific International Holdings Corp | Pan Pacific International Holdings Corp                    | CUSIP: 000000000<br>LEI: 529900QLHJM2E18A5763 | Long             | EC               | CORP              | JP        |    133100 | NS      | $4097807.20   | 4.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DMG Mori Co Ltd                         | DMG Mori Co Ltd                                            | CUSIP: 000000000<br>LEI: 353800P4I3FIXTQV2E13 | Long             | EC               | CORP              | JP        |     15100 | NS      | $262463.81    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Sansan Inc                              | Sansan Inc                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     58000 | NS      | $792360.95    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Base Co Ltd                             | Base Co Ltd                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     27700 | NS      | $602219.12    | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Takuma Co Ltd                           | Takuma Co Ltd                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     45000 | NS      | $579830.98    | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Tri Chemical Laboratories Inc           | Tri Chemical Laboratories Inc                              | CUSIP: 000000000<br>LEI: 353800S3OPTEAPIHHJ16 | Long             | EC               | CORP              | JP        |     33200 | NS      | $592791.86    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Research Institute Ltd           | Nomura Research Institute Ltd                              | CUSIP: 000000000<br>LEI: 5299005F1HCVF4M4QN79 | Long             | EC               | CORP              | JP        |     33000 | NS      | $1249625.19   | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Recruit Holdings Co Ltd                 | Recruit Holdings Co Ltd                                    | CUSIP: 000000000<br>LEI: 353800R2LRSMVVC4I806 | Long             | EC               | CORP              | JP        |     32700 | NS      | $1812078.75   | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Shin-Etsu Chemical Co Ltd               | Shin-Etsu Chemical Co Ltd                                  | CUSIP: 000000000<br>LEI: 353800PX8Q64N86H5W41 | Long             | EC               | CORP              | JP        |     52100 | NS      | $1585479.53   | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Hachijuni Bank Ltd/The                  | Hachijuni Bank Ltd/The                                     | CUSIP: 000000000<br>LEI: FE70I3MHDCWOZWK19W48 | Long             | EC               | CORP              | JP        |    298500 | NS      | $2253074.96   | 2.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuji Electric Co Ltd                    | Fuji Electric Co Ltd                                       | CUSIP: 000000000<br>LEI: 5299000HVNGZZTYYM906 | Long             | EC               | CORP              | JP        |     39000 | NS      | $1734202.28   | 1.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Nitori Holdings Co Ltd                  | Nitori Holdings Co Ltd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2300 | NS      | $273664.89    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Motor Corp                       | Toyota Motor Corp                                          | CUSIP: 000000000<br>LEI: 5493006W3QUS5LMH6R84 | Long             | EC               | CORP              | JP        |    132400 | NS      | $2528762.11   | 2.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Paint Holdings Co Ltd            | Nippon Paint Holdings Co Ltd                               | CUSIP: 000000000<br>LEI: 529900RYRJUN78A7PL87 | Long             | EC               | CORP              | JP        |    142800 | NS      | $1087959.94   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Shinnihonseiyaku Co Ltd                 | Shinnihonseiyaku Co Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     41100 | NS      | $689660.41    | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryohin Keikaku Co Ltd                   | Ryohin Keikaku Co Ltd                                      | CUSIP: 000000000<br>LEI: 549300PMNF56J66BY371 | Long             | EC               | CORP              | JP        |     63000 | NS      | $2129434.32   | 2.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Chudenko Corp                           | Chudenko Corp                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     44700 | NS      | $1099174.51   | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Open Up Group Inc                       | Open Up Group Inc                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     43700 | NS      | $562916.15    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Toenec Corp                             | Toenec Corp                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     74400 | NS      | $589213.71    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Yonex Co Ltd                            | Yonex Co Ltd                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     49100 | NS      | $803411.69    | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Suzuki Motor Corp                       | Suzuki Motor Corp                                          | CUSIP: 000000000<br>LEI: 353800D83H0V3ZV1SV24 | Long             | EC               | CORP              | JP        |     94000 | NS      | $1126463.78   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Noritake Co Ltd                         | Noritake Co Ltd                                            | CUSIP: 000000000<br>LEI: 529900EN4XJGJXV4A581 | Long             | EC               | CORP              | JP        |      4500 | NS      | $117280.31    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Hoya Corp                               | Hoya Corp                                                  | CUSIP: 000000000<br>LEI: 353800X4VR3BHEUCJB42 | Long             | EC               | CORP              | JP        |     11700 | NS      | $1376693.17   | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Makita Corp                             | Makita Corp                                                | CUSIP: 000000000<br>LEI: 529900CDR9E94BCM6294 | Long             | EC               | CORP              | JP        |     34300 | NS      | $1003070.89   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| ANA Holdings Inc                        | ANA Holdings Inc                                           | CUSIP: 000000000<br>LEI: 5493008IRKIY0G3TE305 | Long             | EC               | CORP              | JP        |     17500 | NS      | $336164.95    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Hazama Ando Corp                        | Hazama Ando Corp                                           | CUSIP: 000000000<br>LEI: 353800YSSP5B2GMQ6E51 | Long             | EC               | CORP              | JP        |     89500 | NS      | $891384.58    | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Shofu Inc                               | Shofu Inc                                                  | CUSIP: 000000000<br>LEI: 353800QEV3MM1IEOQE02 | Long             | EC               | CORP              | JP        |     71700 | NS      | $1096973.39   | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Zuken Inc                               | Zuken Inc                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     27300 | NS      | $987171.57    | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Global Advisors            | State Street Institutional US Government Money Market Fund | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |    127371 | NS      | $127371.35    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Panasonic Holdings Corp                 | Panasonic Holdings Corp                                    | CUSIP: 000000000<br>LEI: 254900GE1G59KGWPHX32 | Long             | EC               | CORP              | JP        |    127800 | NS      | $1465350.00   | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Terumo Corp                             | Terumo Corp                                                | CUSIP: 000000000<br>LEI: 353800JX1R4582QVK932 | Long             | EC               | CORP              | JP        |     35400 | NS      | $677581.53    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Ajinomoto Co Inc                        | Ajinomoto Co Inc                                           | CUSIP: 000000000<br>LEI: 353800UT0TLROREPIC92 | Long             | EC               | CORP              | JP        |     87600 | NS      | $1791776.86   | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |
| ESPEC Corp                              | ESPEC Corp                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     47500 | NS      | $758432.52    | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc              | Mizuho Financial Group Inc                                 | CUSIP: 000000000<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | EC               | CORP              | JP        |     43100 | NS      | $1077612.57   | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Nintendo Co Ltd                         | Nintendo Co Ltd                                            | CUSIP: 000000000<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |     32100 | NS      | $2664941.72   | 2.60%             |  |  |  | No            |                  2 | On Loan: No      |
| KDDI Corp                               | KDDI Corp                                                  | CUSIP: 000000000<br>LEI: 5299003FU7V4I45FU310 | Long             | EC               | CORP              | JP        |    138500 | NS      | $2454719.65   | 2.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Seven & i Holdings Co Ltd               | Seven & i Holdings Co Ltd                                  | CUSIP: 000000000<br>LEI: 52990037G8JRM3TWGY86 | Long             | EC               | CORP              | JP        |     77800 | NS      | $1145264.25   | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Yokogawa Electric Corp                  | Yokogawa Electric Corp                                     | CUSIP: 000000000<br>LEI: 529900MV0U7C9WWF4L22 | Long             | EC               | CORP              | JP        |     36900 | NS      | $798521.38    | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Forestry Co Ltd                | Sumitomo Forestry Co Ltd                                   | CUSIP: 000000000<br>LEI: 549300FIIRGO6D5FWR19 | Long             | EC               | CORP              | JP        |     12800 | NS      | $368565.92    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Electric Industries Ltd        | Sumitomo Electric Industries Ltd                           | CUSIP: 000000000<br>LEI: 5493005SP87FL5TOS202 | Long             | EC               | CORP              | JP        |    100700 | NS      | $1618591.08   | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| NEC Corp                                | NEC Corp                                                   | CUSIP: 000000000<br>LEI: 5493000QYMPFRTEY4K28 | Long             | EC               | CORP              | JP        |    147000 | NS      | $3578394.31   | 3.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Gas Chemical Co Inc          | Mitsubishi Gas Chemical Co Inc                             | CUSIP: 000000000<br>LEI: 529900G5O4J27ZPLJJ89 | Long             | EC               | CORP              | JP        |     58700 | NS      | $894380.24    | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| JSB Co Ltd                              | JSB Co Ltd                                                 | CUSIP: 000000000<br>LEI: 35380022ZQMJUL3XRB84 | Long             | EC               | CORP              | JP        |     25100 | NS      | $638727.11    | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokio Marine Holdings Inc               | Tokio Marine Holdings Inc                                  | CUSIP: 000000000<br>LEI: 5299009QN2NZ191KLS29 | Long             | EC               | CORP              | JP        |    102100 | NS      | $4092408.15   | 4.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Maruzen Showa Unyu Co Ltd               | Maruzen Showa Unyu Co Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     25500 | NS      | $1072141.78   | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Denso Corp                              | Denso Corp                                                 | CUSIP: 000000000<br>LEI: 549300RYPA10CQM3QK38 | Long             | EC               | CORP              | JP        |     29200 | NS      | $377028.33    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-16

**Name of Applicant:** ABRDN JAPAN EQUITY FUND, INC.

**Signature:** Sharon Ferrari

**Name of Signer:** Sharon Ferrari

**Title:** Assistant Treasurer