# EDGAR Filing Document

**Accession Number:** 0000866095
**File Stem:** 0001752724-23-075798
**Filing Date:** 2023-3
**Character Count:** 43352
**Document Hash:** c73e888b85a014a193728d277616b512
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-075798.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-075798

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ABRDN JAPAN EQUITY FUND, INC.
- **CENTRAL INDEX KEY:** 0000866095
- **IRS NUMBER:** 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:** 23785430

**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

## Nport-Ex

### Portfolio of Investments (unaudited) <br> As of January 31, 2023

#### abrdn Japan Equity Fund, Inc.

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—111.8%** | &nbsp;&nbsp;**COMMON STOCKS—111.8%** |  |
| &nbsp;&nbsp;**JAPAN—111.8%** | &nbsp;&nbsp;**JAPAN—111.8%** | &nbsp;&nbsp;**JAPAN—111.8%** |
| &nbsp;&nbsp;**Communication Services—4.5%** |  |  |
| &nbsp;&nbsp;Direct Marketing MiX, Inc. | 31500 | &nbsp;&nbsp;$400615 |
| &nbsp;&nbsp;Internet Initiative Japan, Inc. | 28300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531071 |
| &nbsp;&nbsp;KDDI Corp.<sup>(a)</sup> | 80900 | &nbsp;&nbsp;&nbsp;&nbsp; 2527594 |
| &nbsp;&nbsp;Okinawa Cellular Telephone Co. | 24100 | &nbsp;&nbsp;&nbsp;&nbsp; 583103 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4042383 |
| &nbsp;&nbsp;**Consumer Discretionary—16.6%** |  |  |
| &nbsp;&nbsp;Denso Corp. | 28700 | &nbsp;&nbsp;&nbsp;&nbsp; 1549963 |
| &nbsp;&nbsp;Nitori Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1138259 |
| &nbsp;&nbsp;Resorttrust, Inc. | 123200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2251195 |
| &nbsp;&nbsp;Scroll Corp. | 81200 | &nbsp;&nbsp;&nbsp;&nbsp; 454949 |
| &nbsp;&nbsp;Shoei Co. Ltd. | 43100 | &nbsp;&nbsp;&nbsp;&nbsp; 1659591 |
| &nbsp;&nbsp;Sony Group Corp.<sup>(a)</sup> | 51500 | &nbsp;&nbsp;&nbsp;&nbsp; 4601604 |
| &nbsp;&nbsp;Toyota Motor Corp.<sup>(a)</sup> | 191900 | &nbsp;&nbsp;&nbsp;&nbsp; 2818188 |
| &nbsp;&nbsp;Yamaha Corp. | 13200 | &nbsp;&nbsp;&nbsp;&nbsp; 513270 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14987019 |
| &nbsp;&nbsp;**Consumer Staples—16.2%** |  |  |
| &nbsp;&nbsp;Ajinomoto Co., Inc. | &nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967173 |
| &nbsp;&nbsp;Asahi Group Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;85900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2836611 |
| &nbsp;&nbsp;Milbon Co. Ltd. | &nbsp;&nbsp;&nbsp;37500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649168 |
| &nbsp;&nbsp;Seven & i Holdings Co. Ltd. | &nbsp;&nbsp;34600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633566 |
| &nbsp;&nbsp;Shiseido Co. Ltd. | &nbsp;&nbsp;24900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294202 |
| &nbsp;&nbsp;Suntory Beverage & Food Ltd. | &nbsp;&nbsp;47600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607345 |
| &nbsp;&nbsp;Welcia Holdings Co. Ltd. | 119200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2664199 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14652264 |
| &nbsp;&nbsp;**Financials—13.2%** |  |  |
| &nbsp;&nbsp;Japan Exchange Group, Inc. | &nbsp;&nbsp;&nbsp;51100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782063 |
| &nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | 318100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330045 |
| &nbsp;&nbsp;Tokio Marine Holdings, Inc.<sup>(a)</sup> | 261600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5479134 |
| &nbsp;&nbsp;Tokyo Century Corp.<sup>(a)</sup> | &nbsp;&nbsp;51400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807283 |
| &nbsp;&nbsp;WealthNavi, Inc.<sup>(b)</sup> | &nbsp;&nbsp;49800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545933 |
| &nbsp;&nbsp;Zenkoku Hosho Co. Ltd. | &nbsp;&nbsp;26500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032115 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11976573 |
| &nbsp;&nbsp;**Health Care—12.4%** |  |  |
| &nbsp;&nbsp;AS One Corp. | &nbsp;&nbsp;19600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878576 |
| &nbsp;&nbsp;Asahi Intecc Co. Ltd. | &nbsp;&nbsp;48800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856156 |
| &nbsp;&nbsp;Astellas Pharma, Inc. | 125100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1841488 |
| &nbsp;&nbsp;Chugai Pharmaceutical Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp;46300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200331 |
| &nbsp;&nbsp;Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp;55300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736803 |
| &nbsp;&nbsp;Hoya Corp.<sup>(a)</sup> | &nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649579 |
| &nbsp;&nbsp;Jeol Ltd. | &nbsp;&nbsp;19700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578471 |
| &nbsp;&nbsp;Menicon Co. Ltd. | &nbsp;&nbsp;23200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512649 |
| &nbsp;&nbsp;Olympus Corp. | 106700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005919 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11259972 |
| &nbsp;&nbsp;**Industrials—16.3%** |  |  |
| &nbsp;&nbsp;AGC, Inc. | &nbsp;&nbsp;15600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574795 |
| &nbsp;&nbsp;Amada Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp;62600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562321 |
| &nbsp;&nbsp;Daikin Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp;10400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1806424 |
| &nbsp;&nbsp;Daiseki Co Ltd | &nbsp;&nbsp;21500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724524 |
| &nbsp;&nbsp;FANUC Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759765 |
| &nbsp;&nbsp;Hitachi Ltd. | &nbsp;&nbsp;24400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279596 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;Makita Corp.<sup>(a)</sup> |  | 24900 | &nbsp;&nbsp;$663257 |
| &nbsp;&nbsp;MISUMI Group, Inc.<sup>(a)</sup> |  | 102400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2577148 |
| &nbsp;&nbsp;Nabtesco Corp. |  | 37600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1100872 |
| &nbsp;&nbsp;Nihon M&A Center Holdings, Inc. |  | 61100 | &nbsp;&nbsp;&nbsp;&nbsp; 624650 |
| &nbsp;&nbsp;Recruit Holdings Co. Ltd.<sup>(a)</sup> |  | 24600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 791142 |
| &nbsp;&nbsp;SHO-BOND Holdings Co. Ltd. |  | 48400 | &nbsp;&nbsp;&nbsp;&nbsp; 2065040 |
| &nbsp;&nbsp;Takuma Co. Ltd. |  | 49300 | &nbsp;&nbsp;&nbsp;&nbsp; 488345 |
| &nbsp;&nbsp;TechnoPro Holdings, Inc. |  | 25100 | &nbsp;&nbsp;&nbsp;&nbsp; 781493 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14799372 |
| &nbsp;&nbsp;**Information Technology—20.5%** |  |  |  |
| &nbsp;&nbsp;Advantest Corp.<sup>(a)</sup> |  | 26600 | &nbsp;&nbsp;&nbsp;&nbsp; 1906714 |
| &nbsp;&nbsp;Appier Group, Inc.<sup>(b)</sup> |  | 58400 | &nbsp;&nbsp;&nbsp;&nbsp; 746672 |
| &nbsp;&nbsp;Elecom Co. Ltd. |  | 93800 | &nbsp;&nbsp;&nbsp;&nbsp; 984605 |
| &nbsp;&nbsp;Ibiden Co. Ltd. |  | 41600 | &nbsp;&nbsp;&nbsp;&nbsp; 1623602 |
| &nbsp;&nbsp;Kaga Electronics Co. Ltd. |  | 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 1065918 |
| &nbsp;&nbsp;Keyence Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;7900 | &nbsp;&nbsp;&nbsp;&nbsp; 3636913 |
| &nbsp;&nbsp;Kohoku Kogyo Co. Ltd. |  | &nbsp;&nbsp;&nbsp;17200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859985 |
| &nbsp;&nbsp;NEC Corp. |  | &nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794807 |
| &nbsp;&nbsp;NEC Networks & System Integration Corp. |  | &nbsp;&nbsp;64500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861360 |
| &nbsp;&nbsp;Nomura Research Institute Ltd. |  | &nbsp;&nbsp;67300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615710 |
| &nbsp;&nbsp;Otsuka Corp. |  | &nbsp;&nbsp;39300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292952 |
| &nbsp;&nbsp;Sansan, Inc.<sup>(b)</sup> |  | &nbsp;&nbsp;55800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695951 |
| &nbsp;&nbsp;Tokyo Electron Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747621 |
| &nbsp;&nbsp;Zuken, Inc. |  | &nbsp;&nbsp;&nbsp;31700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773607 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18606417 |
| &nbsp;&nbsp;**Materials—7.0%** |  |  |  |
| &nbsp;&nbsp;Kansai Paint Co. Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;59900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843579 |
| &nbsp;&nbsp;Nippon Paint Holdings Co. Ltd. |  | 289900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2646635 |
| &nbsp;&nbsp;Shin-Etsu Chemical Co. Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;19300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2845264 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6335478 |
| &nbsp;&nbsp;**Real Estate—5.1%** |  |  |  |
| &nbsp;&nbsp;Heiwa Real Estate Co. Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;13800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394820 |
| &nbsp;&nbsp;JSB Co. Ltd. |  | &nbsp;&nbsp;14900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465227 |
| &nbsp;&nbsp;Katitas Co. Ltd. |  | &nbsp;&nbsp;37600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921969 |
| &nbsp;&nbsp;Tokyu Fudosan Holdings Corp.<sup>(a)</sup> |  | 563700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2860344 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4642360 |
| &nbsp;&nbsp;**Total Japan** | &nbsp;&nbsp;**Total Japan** |  | &nbsp;&nbsp;&nbsp;**101301838** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;**101301838** |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.1%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.1%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT—0.1%** |  |
| &nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.18%<sup>(c)</sup> |  | &nbsp;&nbsp;59520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59520 |
| &nbsp;&nbsp;**Total Short-Term Investment** | &nbsp;&nbsp;**Total Short-Term Investment** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**59520** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $104,311,326)—111.9%** | &nbsp;&nbsp;**Total Investments<br> (Cost $104,311,326)—111.9%** | &nbsp;&nbsp;**Total Investments<br> (Cost $104,311,326)—111.9%** | &nbsp;&nbsp;&nbsp;&nbsp;**101361358** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(11.9%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(11.9%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(11.9%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10786297) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$90575061** |

---

(a) All or a portion of the security has been designated as collateral for the line of credit.

(b) Non-income producing security.

(c) Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of January 31, 2023.

See accompanying Notes to Portfolio of Investments.

------

Notes to Portfolio of Investments <br> January 31, 2023 (unaudited)

------

1. Summary of Significant Accounting Policies

a. Security Valuation:

The Fund values its securities at current market value or fair value, consistent with regulatory requirements. "Fair value" is defined in the Fund's Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date. Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the "1940 Act"), the Board designated the Fund's investment manager, abrdn Asia Limited ("abrdn Asia" or the "Investment Manager") as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determinations relating to Fund investments for which market quotations are not readily available.

Equity securities that are traded on an exchange are valued at the last quoted sale price on the principal exchange on which the security is traded at the "Valuation Time" subject to application, when appropriate, of the valuation factors described in the paragraph below. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York Stock Exchange ("NYSE") (usually 4:00 p.m. Eastern Time). In the absence of a sale price, the security is valued at the mean of the bid/ask price quoted at the close on the principal exchange on which the security is traded. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Closed-end funds and exchange-traded funds ("ETFs") are valued at the market price of the security at the Valuation Time. A security using any of these pricing methodologies is determined to be a Level 1 investment.

Foreign equity securities that are traded on foreign exchanges that close prior to Valuation Time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service provider. These valuation factors are used when pricing the Fund's portfolio holdings to estimate market movements between the time foreign markets close and the time the Fund values such foreign securities.These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. When prices with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. A security that applies a valuation factor is determined to be a Level 2 investment because the exchange-traded price has been adjusted. Valuation factors are not utilized if the independent pricing service provider is unable to provide a valuation factor or if the valuation factor falls below a predetermined threshold; in such case, the security is determined to be a Level 1 investment.

Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Fund sweeps available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify as a "government money market fund" pursuant to Rule 2a-7 under the 1940 Act, and has an objective, which is not guaranteed, to maintain a $1.00 per share net asset value ("NAV"). Registered investment companies are valued at their net asset value as reported by such company. Generally, these investment types are categorized as Level 1 investments.

In the event that a security's market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closed before the Valuation Time), the security is valued at fair value as determined by the Investment Manager as Valuation Designee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Board. Under normal circumstances the Valuation Time is as of the close of regular trading on the NYSE (usually 4:00 p.m. Eastern Time). A security that has been fair valued by the Investment Manager may be classified as Level 2 or Level 3 depending on the nature of the inputs.

**2**

## 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:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $105201432.55

**Total Liabilities:** $14622464.66

**Net Assets:** $90578967.89

**Cash Not Reported:** $386493.83

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 11.28%               | -8.65%               | 7.01%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-907512.84              | $10550564.07                               |
| Month 2  | $-512418.74              | $-3603599.47                               |
| Month 3  | $-1255725.02             | $7604588.57                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Elecom Co Ltd                          | Elecom Co Ltd                                              | CUSIP: 000000000<br>LEI: 353800BXFUVR7EPC0G35 | Long             | EC               | CORP              | JP        |     93800 | NS      | $984605.04    | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Chugai Pharmaceutical Co Ltd           | Chugai Pharmaceutical Co Ltd                               | CUSIP: 000000000<br>LEI: 529900T9LAII161DCN95 | Long             | EC               | CORP              | JP        |     48300 | NS      | $1252181.41   | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Scroll Corp                            | Scroll Corp                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     81200 | NS      | $454948.92    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc     | Mitsubishi UFJ Financial Group Inc                         | CUSIP: 000000000<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |    318100 | NS      | $2330044.57   | 2.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Otsuka Corp                            | Otsuka Corp                                                | CUSIP: 000000000<br>LEI: 529900RG9DJ58J3UIE72 | Long             | EC               | CORP              | JP        |     39300 | NS      | $1292951.78   | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Group Holdings Ltd               | Asahi Group Holdings Ltd                                   | CUSIP: 000000000<br>LEI: 353800KAJ02XNHLCJW79 | Long             | EC               | CORP              | JP        |     85900 | NS      | $2836610.58   | 3.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Century Corp                     | Tokyo Century Corp                                         | CUSIP: 000000000<br>LEI: 35380096ZLHOF84DXR74 | Long             | EC               | CORP              | JP        |     51400 | NS      | $1807283.22   | 2.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Olympus Corp                           | Olympus Corp                                               | CUSIP: 000000000<br>LEI: 5299000Y52IFDI1I2A21 | Long             | EC               | CORP              | JP        |    106700 | NS      | $2005918.45   | 2.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Advantest Corp                         | Advantest Corp                                             | CUSIP: 000000000<br>LEI: 353800EMK32PDKS9XR54 | Long             | EC               | CORP              | JP        |     26600 | NS      | $1906714.08   | 2.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp                        | Sony Group Corp                                            | CUSIP: 000000000<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |     51500 | NS      | $4601604.02   | 5.08%             |  |  |  | No            |                  2 | On Loan: No      |
| MISUMI Group Inc                       | MISUMI Group Inc                                           | CUSIP: 000000000<br>LEI: 353800SJWGE5BEK2V032 | Long             | EC               | CORP              | JP        |    102400 | NS      | $2577148.16   | 2.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Milbon Co Ltd                          | Milbon Co Ltd                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     37500 | NS      | $1649168.32   | 1.82%             |  |  |  | No            |                  2 | On Loan: No      |
| As One Corp                            | As One Corp                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     19600 | NS      | $878576.19    | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Welcia Holdings Co Ltd                 | Welcia Holdings Co Ltd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    119200 | NS      | $2664198.67   | 2.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Jeol Ltd                               | Jeol Ltd                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     19700 | NS      | $578471.34    | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Hitachi Ltd                            | Hitachi Ltd                                                | CUSIP: 000000000<br>LEI: 549300T6IPOCDWLKC615 | Long             | EC               | CORP              | JP        |     24400 | NS      | $1279595.72   | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Electron Ltd                     | Tokyo Electron Ltd                                         | CUSIP: 000000000<br>LEI: 549300H5LSF8DP3RIJ34 | Long             | EC               | CORP              | JP        |      5000 | NS      | $1747620.76   | 1.93%             |  |  |  | No            |                  2 | On Loan: No      |
| TechnoPro Holdings Inc                 | TechnoPro Holdings Inc                                     | CUSIP: 000000000<br>LEI: 3538001DJ8I5PJQNHU53 | Long             | EC               | CORP              | JP        |     25100 | NS      | $781492.67    | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Ibiden Co Ltd                          | Ibiden Co Ltd                                              | CUSIP: 000000000<br>LEI: 52990051DBFIQEY37C91 | Long             | EC               | CORP              | JP        |     41600 | NS      | $1623601.71   | 1.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Kohoku Kogyo Co Ltd                    | Kohoku Kogyo Co Ltd                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     17200 | NS      | $859984.60    | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Daikin Industries Ltd                  | Daikin Industries Ltd                                      | CUSIP: 000000000<br>LEI: 549300Y7FWSTSHMW5Y57 | Long             | EC               | CORP              | JP        |     10400 | NS      | $1806423.59   | 1.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiichi Sankyo Co Ltd                  | Daiichi Sankyo Co Ltd                                      | CUSIP: 000000000<br>LEI: 353800XGIU2IHQGC9504 | Long             | EC               | CORP              | JP        |     55300 | NS      | $1736803.32   | 1.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiseki Co Ltd                         | Daiseki Co Ltd                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     21500 | NS      | $724524.13    | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Okinawa Cellular Telephone Co          | Okinawa Cellular Telephone Co                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     24100 | NS      | $583102.61    | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Kaga Electronics Co Ltd                | Kaga Electronics Co Ltd                                    | CUSIP: 000000000<br>LEI: 3538005V2HARHWLTPJ42 | Long             | EC               | CORP              | JP        |     32000 | NS      | $1065918.33   | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Direct Marketing MiX Inc               | Direct Marketing MiX Inc                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     36500 | NS      | $464204.89    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Amada Co Ltd                           | Amada Co Ltd                                               | CUSIP: 000000000<br>LEI: 529900QF5O6TQGCPDX85 | Long             | EC               | CORP              | JP        |     62600 | NS      | $562321.08    | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyu Fudosan Holdings Corp            | Tokyu Fudosan Holdings Corp                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    574000 | NS      | $2912608.94   | 3.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Resorttrust Inc                        | Resorttrust Inc                                            | CUSIP: 000000000<br>LEI: 353800FM9MYWH105SE11 | Long             | EC               | CORP              | JP        |    123200 | NS      | $2251194.90   | 2.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Appier Group Inc                       | Appier Group Inc                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     58400 | NS      | $746672.40    | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Suntory Beverage & Food Ltd            | Suntory Beverage & Food Ltd                                | CUSIP: 000000000<br>LEI: 549300FONLMVK7YYYH41 | Long             | EC               | CORP              | JP        |     47600 | NS      | $1607344.53   | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| SHO-BOND Holdings Co Ltd               | SHO-BOND Holdings Co Ltd                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     48400 | NS      | $2065040.10   | 2.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Astellas Pharma Inc                    | Astellas Pharma Inc                                        | CUSIP: 000000000<br>LEI: 529900IB708DY2HBBB35 | Long             | EC               | CORP              | JP        |    125100 | NS      | $1841488.31   | 2.03%             |  |  |  | No            |                  2 | On Loan: No      |
| WealthNavi Inc                         | WealthNavi Inc                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     49800 | NS      | $545932.54    | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                           | Keyence Corp                                               | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |      7900 | NS      | $3636913.19   | 4.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Internet Initiative Japan Inc          | Internet Initiative Japan Inc                              | CUSIP: 000000000<br>LEI: 529900EOCJNAPUHDFR78 | Long             | EC               | CORP              | JP        |     28300 | NS      | $531071.23    | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Sansan Inc                             | Sansan Inc                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     55800 | NS      | $695951.16    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Takuma Co Ltd                          | Takuma Co Ltd                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     49300 | NS      | $488345.58    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Research Institute Ltd          | Nomura Research Institute Ltd                              | CUSIP: 000000000<br>LEI: 5299005F1HCVF4M4QN79 | Long             | EC               | CORP              | JP        |     67300 | NS      | $1615709.64   | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Recruit Holdings Co Ltd                | Recruit Holdings Co Ltd                                    | CUSIP: 000000000<br>LEI: 353800R2LRSMVVC4I806 | Long             | EC               | CORP              | JP        |     24600 | NS      | $791142.41    | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| FANUC Corp                             | FANUC Corp                                                 | CUSIP: 000000000<br>LEI: 529900QTSW745LOKW705 | Long             | EC               | CORP              | JP        |      4300 | NS      | $759765.09    | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Shin-Etsu Chemical Co Ltd              | Shin-Etsu Chemical Co Ltd                                  | CUSIP: 000000000<br>LEI: 353800PX8Q64N86H5W41 | Long             | EC               | CORP              | JP        |     19300 | NS      | $2845264.15   | 3.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Nitori Holdings Co Ltd                 | Nitori Holdings Co Ltd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      8600 | NS      | $1138258.97   | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Motor Corp                      | Toyota Motor Corp                                          | CUSIP: 000000000<br>LEI: 5493006W3QUS5LMH6R84 | Long             | EC               | CORP              | JP        |    191900 | NS      | $2818188.27   | 3.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Paint Holdings Co Ltd           | Nippon Paint Holdings Co Ltd                               | CUSIP: 000000000<br>LEI: 529900RYRJUN78A7PL87 | Long             | EC               | CORP              | JP        |    289900 | NS      | $2646634.64   | 2.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Kansai Paint Co Ltd                    | Kansai Paint Co Ltd                                        | CUSIP: 000000000<br>LEI: 549300ERRV6FTKH9NN70 | Long             | EC               | CORP              | JP        |     59900 | NS      | $843578.93    | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Exchange Group Inc               | Japan Exchange Group Inc                                   | CUSIP: 000000000<br>LEI: 353800578ADEGIJTVW07 | Long             | EC               | CORP              | JP        |     51100 | NS      | $782063.31    | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Nabtesco Corp                          | Nabtesco Corp                                              | CUSIP: 000000000<br>LEI: 529900DVHQXYRTGW7739 | Long             | EC               | CORP              | JP        |     37600 | NS      | $1100871.66   | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| NEC Networks & System Integration Corp | NEC Networks & System Integration Corp                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     76000 | NS      | $1014935.96   | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Intecc Co Ltd                    | Asahi Intecc Co Ltd                                        | CUSIP: 000000000<br>LEI: 353800J3AV2SCNIO8L39 | Long             | EC               | CORP              | JP        |     48800 | NS      | $856156.02    | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Nihon M&A Center Holdings Inc          | Nihon M&A Center Holdings Inc                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     61100 | NS      | $624650.01    | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Hoya Corp                              | Hoya Corp                                                  | CUSIP: 000000000<br>LEI: 353800X4VR3BHEUCJB42 | Long             | EC               | CORP              | JP        |     15000 | NS      | $1649578.76   | 1.82%             |  |  |  | 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        |     59520 | NS      | $59520.31     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Makita Corp                            | Makita Corp                                                | CUSIP: 000000000<br>LEI: 529900CDR9E94BCM6294 | Long             | EC               | CORP              | JP        |     24900 | NS      | $663257.05    | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Shiseido Co Ltd                        | Shiseido Co Ltd                                            | CUSIP: 000000000<br>LEI: 5299008QCD0YDT5OF506 | Long             | EC               | CORP              | JP        |     24900 | NS      | $1294202.27   | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| AGC Inc                                | AGC Inc                                                    | CUSIP: 000000000<br>LEI: JE4WFFEELMVPFZ0G1E77 | Long             | EC               | CORP              | JP        |     15600 | NS      | $574794.59    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Heiwa Real Estate Co Ltd               | Heiwa Real Estate Co Ltd                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     13800 | NS      | $394819.51    | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Zuken Inc                              | Zuken Inc                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     31700 | NS      | $773606.52    | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Menicon Co Ltd                         | Menicon Co Ltd                                             | CUSIP: 000000000<br>LEI: 3538000OOSRECSEX2327 | Long             | EC               | CORP              | JP        |     23200 | NS      | $512648.55    | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Yamaha Corp                            | Yamaha Corp                                                | CUSIP: 000000000<br>LEI: 529900S5TENP3IJS7S02 | Long             | EC               | CORP              | JP        |     13200 | NS      | $513269.70    | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Ajinomoto Co Inc                       | Ajinomoto Co Inc                                           | CUSIP: 000000000<br>LEI: 353800UT0TLROREPIC92 | Long             | EC               | CORP              | JP        |     90000 | NS      | $2967173.30   | 3.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Katitas Co Ltd                         | Katitas Co Ltd                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     37600 | NS      | $921968.55    | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Shoei Co Ltd                           | Shoei Co Ltd                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     43100 | NS      | $1659591.27   | 1.83%             |  |  |  | No            |                  2 | On Loan: No      |
| KDDI Corp                              | KDDI Corp                                                  | CUSIP: 000000000<br>LEI: 5299003FU7V4I45FU310 | Long             | EC               | CORP              | JP        |     80900 | NS      | $2527593.69   | 2.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Zenkoku Hosho Co Ltd                   | Zenkoku Hosho Co Ltd                                       | CUSIP: 000000000<br>LEI: 353800VOQEKTSCSL9O03 | Long             | EC               | CORP              | JP        |     26500 | NS      | $1032115.48   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Seven & i Holdings Co Ltd              | Seven & i Holdings Co Ltd                                  | CUSIP: 000000000<br>LEI: 52990037G8JRM3TWGY86 | Long             | EC               | CORP              | JP        |     34600 | NS      | $1633566.25   | 1.80%             |  |  |  | No            |                  2 | On Loan: No      |
| NEC Corp                               | NEC Corp                                                   | CUSIP: 000000000<br>LEI: 5493000QYMPFRTEY4K28 | Long             | EC               | CORP              | JP        |     22000 | NS      | $794807.32    | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| JSB Co Ltd                             | JSB Co Ltd                                                 | CUSIP: 000000000<br>LEI: 35380022ZQMJUL3XRB84 | Long             | EC               | CORP              | JP        |     14900 | NS      | $465227.43    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokio Marine Holdings Inc              | Tokio Marine Holdings Inc                                  | CUSIP: 000000000<br>LEI: 5299009QN2NZ191KLS29 | Long             | EC               | CORP              | JP        |    261600 | NS      | $5479134.33   | 6.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Denso Corp                             | Denso Corp                                                 | CUSIP: 000000000<br>LEI: 549300RYPA10CQM3QK38 | Long             | EC               | CORP              | JP        |     29400 | NS      | $1587767.47   | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

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

**Signature:** Sharon Ferrari

**Name of Signer:** Sharon Ferrari

**Title:** Assistant Treasurer