# EDGAR Filing Document

**Accession Number:** 0000866095
**File Stem:** 0001410368-25-010657
**Filing Date:** 2025-9
**Character Count:** 48993
**Document Hash:** 5914eb3ba2d2446ed287d385992ee51d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-010657.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0001410368-25-010657

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**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:** 251340613

**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 July 31, 2025

#### abrdn Japan Equity Fund, Inc.

------

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;**COMMON STOCKS—107.1%** | &nbsp;&nbsp;**COMMON STOCKS—107.1%** |  |
| &nbsp;&nbsp;**JAPAN—107.1%** | &nbsp;&nbsp;**JAPAN—107.1%** | &nbsp;&nbsp;**JAPAN—107.1%** |
| &nbsp;&nbsp;**Communication Services—5.9%** | &nbsp;&nbsp;**Communication Services—5.9%** | &nbsp;&nbsp;**Communication Services—5.9%** |
| &nbsp;&nbsp;Internet Initiative Japan, Inc. | 26300 | &nbsp;&nbsp;$484354 |
| &nbsp;&nbsp;Kakaku.com, Inc. | 71200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1210150 |
| &nbsp;&nbsp;KDDI Corp.<sup>(a)</sup> | 138500 | &nbsp;&nbsp;&nbsp;&nbsp; 2273007 |
| &nbsp;&nbsp;Nintendo Co. Ltd.<sup>(a)</sup> | 29300 | &nbsp;&nbsp;&nbsp;&nbsp; 2448861 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6416372 |
| &nbsp;&nbsp;**Consumer Discretionary—19.4%** | &nbsp;&nbsp;**Consumer Discretionary—19.4%** | &nbsp;&nbsp;**Consumer Discretionary—19.4%** |
| &nbsp;&nbsp;Denso Corp.<sup>(a)</sup> | 29200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396169 |
| &nbsp;&nbsp;Musashi Seimitsu Industry Co. Ltd. | 34700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 747068 |
| &nbsp;&nbsp;Pan Pacific International Holdings Corp.<sup>(a)</sup> | 133100 | &nbsp;&nbsp;&nbsp;&nbsp; 4453026 |
| &nbsp;&nbsp;Panasonic Holdings Corp. | 127800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1208901 |
| &nbsp;&nbsp;Ryohin Keikaku Co. Ltd. | 63000 | &nbsp;&nbsp;&nbsp;&nbsp; 2949520 |
| &nbsp;&nbsp;Sony Group Corp.<sup>(a)</sup> | 172800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4156410 |
| &nbsp;&nbsp;Sumitomo Electric Industries Ltd. | 100700 | &nbsp;&nbsp;&nbsp;&nbsp; 2498839 |
| &nbsp;&nbsp;Sumitomo Forestry Co. Ltd. | 38400 | &nbsp;&nbsp;&nbsp;&nbsp; 385753 |
| &nbsp;&nbsp;Suzuki Motor Corp. | 94000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1032832 |
| &nbsp;&nbsp;Toyota Motor Corp.<sup>(a)</sup> | 132400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355078 |
| &nbsp;&nbsp;Yonex Co. Ltd. | &nbsp;&nbsp;49100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21147696 |
| &nbsp;&nbsp;**Consumer Staples—7.8%** | &nbsp;&nbsp;**Consumer Staples—7.8%** | &nbsp;&nbsp;**Consumer Staples—7.8%** |
| &nbsp;&nbsp;Ajinomoto Co., Inc.<sup>(a)</sup> | &nbsp;&nbsp;78200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2068892 |
| &nbsp;&nbsp;Asahi Group Holdings Ltd.<sup>(a)</sup> | 154300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1957462 |
| &nbsp;&nbsp;Kao Corp. | &nbsp;&nbsp;19800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890930 |
| &nbsp;&nbsp;Lion Corp. | &nbsp;&nbsp;&nbsp;67100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653739 |
| &nbsp;&nbsp;NH Foods Ltd. | &nbsp;&nbsp;32600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095241 |
| &nbsp;&nbsp;Seven & i Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;77800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025653 |
| &nbsp;&nbsp;Shinnihonseiyaku Co. Ltd. | &nbsp;&nbsp;&nbsp;41100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614042 |
| &nbsp;&nbsp;Transaction Co. Ltd. | &nbsp;&nbsp;14400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249775 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8555734 |
| &nbsp;&nbsp;**Financials—17.0%** | &nbsp;&nbsp;**Financials—17.0%** | &nbsp;&nbsp;**Financials—17.0%** |
| &nbsp;&nbsp;Hachijuni Bank Ltd. | 298500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685500 |
| &nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc.<sup>(a)</sup> | 500700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6901032 |
| &nbsp;&nbsp;Mizuho Financial Group, Inc. | &nbsp;&nbsp;53500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569244 |
| &nbsp;&nbsp;MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp;94300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2014820 |
| &nbsp;&nbsp;Tokio Marine Holdings, Inc.<sup>(a)</sup> | 102100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4099610 |
| &nbsp;&nbsp;Tokyo Century Corp.<sup>(a)</sup> | 106100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214287 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18484493 |
| &nbsp;&nbsp;**Health Care—6.1%** | &nbsp;&nbsp;**Health Care—6.1%** | &nbsp;&nbsp;**Health Care—6.1%** |
| &nbsp;&nbsp;Chugai Pharmaceutical Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp;54900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2631738 |
| &nbsp;&nbsp;Daiichi Sankyo Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp;38400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942026 |
| &nbsp;&nbsp;Hoya Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;11700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476103 |
| &nbsp;&nbsp;Shofu, Inc. | &nbsp;&nbsp;&nbsp;71700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964564 |
| &nbsp;&nbsp;Terumo Corp. | &nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600287 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6614718 |
| &nbsp;&nbsp;**Industrials—24.4%** | &nbsp;&nbsp;**Industrials—24.4%** | &nbsp;&nbsp;**Industrials—24.4%** |
| &nbsp;&nbsp;Amada Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp;74300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837801 |
| &nbsp;&nbsp;ANA Holdings, Inc. | &nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324495 |
| &nbsp;&nbsp;Chudenko Corp. | &nbsp;&nbsp;44700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084833 |
| &nbsp;&nbsp;Daikin Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565596 |
| &nbsp;&nbsp;DMG Mori Co. Ltd. | &nbsp;&nbsp;&nbsp;15100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348919 |
| &nbsp;&nbsp;Fuji Electric Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939009 |
| &nbsp;&nbsp;Hazama Ando Corp. | &nbsp;&nbsp;89500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949083 |
| &nbsp;&nbsp;Hitachi Ltd.<sup>(a)</sup> | 164600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5036866 |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | **Value** |
| &nbsp;&nbsp;ITOCHU Corp. |  | 46100 | &nbsp;&nbsp;$2418065 |
| &nbsp;&nbsp;Kandenko Co. Ltd.<sup>(a)</sup> |  | 121600 | &nbsp;&nbsp;&nbsp;&nbsp; 2880583 |
| &nbsp;&nbsp;Makita Corp.<sup>(a)</sup> |  | 34300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1061863 |
| &nbsp;&nbsp;Maruzen Showa Unyu Co. Ltd. |  | 25500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1215391 |
| &nbsp;&nbsp;MISUMI Group, Inc.<sup>(a)</sup> |  | 61100 | &nbsp;&nbsp;&nbsp;&nbsp; 879842 |
| &nbsp;&nbsp;Noritake Co. Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 128035 |
| &nbsp;&nbsp;Open Up Group, Inc. |  | 43700 | &nbsp;&nbsp;&nbsp;&nbsp; 535507 |
| &nbsp;&nbsp;Recruit Holdings Co. Ltd.<sup>(a)</sup> |  | 32700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1940128 |
| &nbsp;&nbsp;SMC Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 556757 |
| &nbsp;&nbsp;Takuma Co. Ltd. |  | 61100 | &nbsp;&nbsp;&nbsp;&nbsp; 883796 |
| &nbsp;&nbsp;Toenec Corp. |  | 74400 | &nbsp;&nbsp;&nbsp;&nbsp; 655850 |
| &nbsp;&nbsp;Tokyo Metro Co. Ltd. |  | 92500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 996719 |
| &nbsp;&nbsp;Union Tool Co. |  | 32300 | &nbsp;&nbsp;&nbsp;&nbsp; 1348950 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26588088 |
| &nbsp;&nbsp;**Information Technology—18.7%** | &nbsp;&nbsp;**Information Technology—18.7%** | &nbsp;&nbsp;**Information Technology—18.7%** | &nbsp;&nbsp;**Information Technology—18.7%** |
| &nbsp;&nbsp;Advantest Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;17700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177034 |
| &nbsp;&nbsp;Base Co. Ltd. |  | &nbsp;&nbsp;36700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852154 |
| &nbsp;&nbsp;ESPEC Corp. |  | &nbsp;&nbsp;47500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005477 |
| &nbsp;&nbsp;Ibiden Co. Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;15100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638596 |
| &nbsp;&nbsp;Jeol Ltd. |  | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543576 |
| &nbsp;&nbsp;Keyence Corp.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519271 |
| &nbsp;&nbsp;Kioxia Holdings Corp.<sup>(b)</sup> |  | &nbsp;&nbsp;65600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068537 |
| &nbsp;&nbsp;Kohoku Kogyo Co. Ltd. |  | &nbsp;&nbsp;38800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673038 |
| &nbsp;&nbsp;NEC Corp.<sup>(a)</sup> |  | 147000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4221233 |
| &nbsp;&nbsp;Nomura Research Institute Ltd. |  | &nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305824 |
| &nbsp;&nbsp;Otsuka Corp. |  | &nbsp;&nbsp;&nbsp;57200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083777 |
| &nbsp;&nbsp;Ricoh Co. Ltd. |  | 116700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023283 |
| &nbsp;&nbsp;Sansan, Inc.<sup>(b)</sup> |  | &nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733868 |
| &nbsp;&nbsp;TDK Corp. |  | &nbsp;&nbsp;82300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002655 |
| &nbsp;&nbsp;Tokyo Electron Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557991 |
| &nbsp;&nbsp;Tri Chemical Laboratories, Inc. |  | &nbsp;&nbsp;43300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983587 |
| &nbsp;&nbsp;Yokogawa Electric Corp. |  | &nbsp;&nbsp;36900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983536 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20373437 |
| &nbsp;&nbsp;**Materials—5.1%** | &nbsp;&nbsp;**Materials—5.1%** | &nbsp;&nbsp;**Materials—5.1%** | &nbsp;&nbsp;**Materials—5.1%** |
| &nbsp;&nbsp;JX Advanced Metals Corp. |  | 266500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564475 |
| &nbsp;&nbsp;Mitsubishi Gas Chemical Co., Inc. |  | &nbsp;&nbsp;58700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014050 |
| &nbsp;&nbsp;Nippon Paint Holdings Co. Ltd.<sup>(a)</sup> |  | 142800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210592 |
| &nbsp;&nbsp;Shin-Etsu Chemical Co. Ltd.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;52100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499277 |
| &nbsp;&nbsp;UACJ Corp. |  | &nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330556 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5618950 |
| &nbsp;&nbsp;**Real Estate—2.7%** | &nbsp;&nbsp;**Real Estate—2.7%** | &nbsp;&nbsp;**Real Estate—2.7%** | &nbsp;&nbsp;**Real Estate—2.7%** |
| &nbsp;&nbsp;JSB Co. Ltd. |  | &nbsp;&nbsp;&nbsp;25100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649476 |
| &nbsp;&nbsp;Tokyu Fudosan Holdings Corp.<sup>(a)</sup> |  | 320200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2257940 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2907416 |
| &nbsp;&nbsp;**Total Japan** | &nbsp;&nbsp;**Total Japan** |  | &nbsp;&nbsp;&nbsp;**116706904** |
| &nbsp;&nbsp;**Total Common Stocks** | &nbsp;&nbsp;**Total Common Stocks** |  | &nbsp;&nbsp;&nbsp;**116706904** |
| &nbsp;&nbsp;**Total Investments<br> (Cost $93,033,302)—107.1%** | &nbsp;&nbsp;**Total Investments<br> (Cost $93,033,302)—107.1%** | &nbsp;&nbsp;**Total Investments<br> (Cost $93,033,302)—107.1%** | &nbsp;&nbsp;&nbsp;&nbsp;**116706904** |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets—(7.1%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(7.1%) | &nbsp;&nbsp;Liabilities in Excess of Other Assets—(7.1%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7720097) |
| &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**Net Assets—100.0%** | &nbsp;&nbsp;**$108986807** |

---

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

(b) Non-income producing security.

See accompanying Notes to Portfolio of Investments.

------

Notes to Portfolio of Investments <br> July 31, 2025 (unaudited)

------

1. Summary of Significant Accounting Policies

a. Security Valuation:

The Fund values its securities at 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, also referred to as market value. Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the "1940 Act"), the Board of Directors (the "Board") designated 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 or deemed unreliable.

Equity securities that are traded on an exchange are valued at the last quoted sale price or the official close 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.

Foreign equity securities that are traded on foreign exchanges that close prior to the 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 generally 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 NAV. 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 closes before the Valuation Time), the security is valued at fair value as determined by the Valuation Designee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Board. 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.

In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Fund discloses the fair value of its investments using a three-level hierarchy that classifies the inputs to valuation techniques used to measure the fair value. The hierarchy assigns Level 1, the highest level, measurements to valuations based upon unadjusted quoted prices in active markets for identical assets, Level 2 measurements to valuations based upon other significant observable inputs, including adjusted quoted prices in active markets for similar assets, and Level 3, the lowest level, measurements to valuations based upon unobservable inputs that are significant to the valuation. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. A financial instrument's level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement.

Open-end mutual funds are valued at the respective NAV as reported by such company. The prospectuses for the registered open-end management investment companies in which the Fund invests explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing. Closed-end funds and exchange-traded funds ("ETFs") are valued at the market price of the security at the Valuation Time (defined below). A security using any of these pricing methodologies is generally determined to be a Level 1 investment.

The three-level hierarchy of inputs is summarized below:

Level 1 - quoted prices (unadjusted) in active markets for identical investments;

**2** 

------

Notes to Portfolio of Investments <br> July 31, 2025 (unaudited)

------

Level 2 - other significant observable inputs (including valuation factors, quoted prices for similar securities, interest rates, prepayment speeds, and credit risk, etc.); or

Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

**3**

## 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:** 2025-07-31

**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:** $123585786.95

**Total Liabilities:** $14600645.74

**Net Assets:** $108985141.21

**Cash Not Reported:** $2328197.19

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 6.70%                | 5.16%                | -0.40%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $212582.94               | $4214978.41                                |
| Month 2  | $-35242.68               | $3919451.37                                |
| Month 3  | $-61674.72               | $-1998876.49                               |

### 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      | $2418064.68   | 2.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Kandenko Co Ltd                         | Kandenko Co Ltd                         | CUSIP: 000000000<br>LEI: 35380080NSN7GCYZ3X14 | Long             | EC               | CORP              | JP        |    121600 | NS      | $2880583.34   | 2.64%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp                                | SMC Corp                                | CUSIP: 000000000<br>LEI: 353800O40V08DOZ70X62 | Long             | EC               | CORP              | JP        |      1600 | NS      | $556757.47    | 0.51%             |  |  |  | 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      | $2014819.83   | 1.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Metro Co Ltd                      | Tokyo Metro Co Ltd                      | CUSIP: 000000000<br>LEI: 35380049N9IQPZ74JY58 | Long             | EC               | CORP              | JP        |     92500 | NS      | $996718.94    | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Chugai Pharmaceutical Co Ltd            | Chugai Pharmaceutical Co Ltd            | CUSIP: 000000000<br>LEI: 529900T9LAII161DCN95 | Long             | EC               | CORP              | JP        |     54900 | NS      | $2631737.43   | 2.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Union Tool Co                           | Union Tool Co                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     32300 | NS      | $1348950.45   | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Transaction Co Ltd                      | Transaction Co Ltd                      | CUSIP: 000000000<br>LEI: 353800P5SK25ZQ3C7789 | Long             | EC               | CORP              | JP        |     14400 | NS      | $249774.57    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Lion Corp                               | Lion Corp                               | CUSIP: 000000000<br>LEI: 529900MPGS2GM7VPG855 | Long             | EC               | CORP              | JP        |     67100 | NS      | $653739.22    | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Ricoh Co Ltd                            | Ricoh Co Ltd                            | CUSIP: 000000000<br>LEI: 549300HFIB2GRUMDID72 | Long             | EC               | CORP              | JP        |    116700 | NS      | $1023282.68   | 0.94%             |  |  |  | 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      | $6901032.24   | 6.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Otsuka Corp                             | Otsuka Corp                             | CUSIP: 000000000<br>LEI: 529900RG9DJ58J3UIE72 | Long             | EC               | CORP              | JP        |     57200 | NS      | $1083777.46   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Kakaku.com Inc                          | Kakaku.com Inc                          | CUSIP: 000000000<br>LEI: 353800KA15Y0DCPWYY65 | Long             | EC               | CORP              | JP        |     71200 | NS      | $1210149.37   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Group Holdings Ltd                | Asahi Group Holdings Ltd                | CUSIP: 000000000<br>LEI: 353800KAJ02XNHLCJW79 | Long             | EC               | CORP              | JP        |    154300 | NS      | $1957461.97   | 1.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Century Corp                      | Tokyo Century Corp                      | CUSIP: 000000000<br>LEI: 35380096ZLHOF84DXR74 | Long             | EC               | CORP              | JP        |    106100 | NS      | $1214287.35   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Advantest Corp                          | Advantest Corp                          | CUSIP: 000000000<br>LEI: 353800EMK32PDKS9XR54 | Long             | EC               | CORP              | JP        |     17700 | NS      | $1177033.95   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp                         | Sony Group Corp                         | CUSIP: 000000000<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |    172800 | NS      | $4156410.21   | 3.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Kioxia Holdings Corp                    | Kioxia Holdings Corp                    | CUSIP: 000000000<br>LEI: 35380080RTKRARNH4R73 | Long             | EC               | CORP              | JP        |     65600 | NS      | $1068537.16   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| MISUMI Group Inc                        | MISUMI Group Inc                        | CUSIP: 000000000<br>LEI: 353800SJWGE5BEK2V032 | Long             | EC               | CORP              | JP        |     61100 | NS      | $879841.83    | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Jeol Ltd                                | Jeol Ltd                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     19000 | NS      | $543576.15    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Hitachi Ltd                             | Hitachi Ltd                             | CUSIP: 000000000<br>LEI: 549300T6IPOCDWLKC615 | Long             | EC               | CORP              | JP        |    164600 | NS      | $5036865.92   | 4.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Electron Ltd                      | Tokyo Electron Ltd                      | CUSIP: 000000000<br>LEI: 549300H5LSF8DP3RIJ34 | Long             | EC               | CORP              | JP        |      9800 | NS      | $1557991.09   | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Ibiden Co Ltd                           | Ibiden Co Ltd                           | CUSIP: 000000000<br>LEI: 52990051DBFIQEY37C91 | Long             | EC               | CORP              | JP        |     15100 | NS      | $638595.76    | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Kohoku Kogyo Co Ltd                     | Kohoku Kogyo Co Ltd                     | CUSIP: 000000000<br>LEI: 353800AGQOS2M32PDN86 | Long             | EC               | CORP              | JP        |     38800 | NS      | $673037.53    | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Daikin Industries Ltd                   | Daikin Industries Ltd                   | CUSIP: 000000000<br>LEI: 549300Y7FWSTSHMW5Y57 | Long             | EC               | CORP              | JP        |      4600 | NS      | $565596.47    | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiichi Sankyo Co Ltd                   | Daiichi Sankyo Co Ltd                   | CUSIP: 000000000<br>LEI: 353800XGIU2IHQGC9504 | Long             | EC               | CORP              | JP        |     38400 | NS      | $942025.72    | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Kao Corp                                | Kao Corp                                | CUSIP: 000000000<br>LEI: 353800HM38HFCB8RGL63 | Long             | EC               | CORP              | JP        |     19800 | NS      | $890929.57    | 0.82%             |  |  |  | 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      | $747068.45    | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Amada Co Ltd                            | Amada Co Ltd                            | CUSIP: 000000000<br>LEI: 529900QF5O6TQGCPDX85 | Long             | EC               | CORP              | JP        |     74300 | NS      | $837801.23    | 0.77%             |  |  |  | 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      | $2257939.72   | 2.07%             |  |  |  | No            |                  2 | On Loan: No      |
| JX Advanced Metals Corp                 | JX Advanced Metals Corp                 | CUSIP: 000000000<br>LEI: 353800NC6NPNKC4JEC58 | Long             | EC               | CORP              | JP        |    266500 | NS      | $1564474.83   | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| NH Foods Ltd                            | NH Foods Ltd                            | CUSIP: 000000000<br>LEI: 353800NLDBIOUQILWU82 | Long             | EC               | CORP              | JP        |     32600 | NS      | $1095241.37   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                            | Keyence Corp                            | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |      4200 | NS      | $1519271.50   | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Internet Initiative Japan Inc           | Internet Initiative Japan Inc           | CUSIP: 000000000<br>LEI: 529900EOCJNAPUHDFR78 | Long             | EC               | CORP              | JP        |     26300 | NS      | $484354.34    | 0.44%             |  |  |  | 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      | $4453025.59   | 4.09%             |  |  |  | No            |                  2 | On Loan: No      |
| DMG Mori Co Ltd                         | DMG Mori Co Ltd                         | CUSIP: 000000000<br>LEI: 353800P4I3FIXTQV2E13 | Long             | EC               | CORP              | JP        |     15100 | NS      | $348919.04    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Sansan Inc                              | Sansan Inc                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     58000 | NS      | $733868.30    | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Base Co Ltd                             | Base Co Ltd                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     36700 | NS      | $852154.37    | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Takuma Co Ltd                           | Takuma Co Ltd                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     61100 | NS      | $883795.88    | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Tri Chemical Laboratories Inc           | Tri Chemical Laboratories Inc           | CUSIP: 000000000<br>LEI: 353800S3OPTEAPIHHJ16 | Long             | EC               | CORP              | JP        |     43300 | NS      | $983587.20    | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Research Institute Ltd           | Nomura Research Institute Ltd           | CUSIP: 000000000<br>LEI: 5299005F1HCVF4M4QN79 | Long             | EC               | CORP              | JP        |     33000 | NS      | $1305823.69   | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Recruit Holdings Co Ltd                 | Recruit Holdings Co Ltd                 | CUSIP: 000000000<br>LEI: 353800R2LRSMVVC4I806 | Long             | EC               | CORP              | JP        |     32700 | NS      | $1940127.56   | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| UACJ Corp                               | UACJ Corp                               | CUSIP: 000000000<br>LEI: 353800GO7FBE4RSRH831 | Long             | EC               | CORP              | JP        |      8400 | NS      | $330555.87    | 0.30%             |  |  |  | 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      | $1499276.68   | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Hachijuni Bank Ltd/The                  | Hachijuni Bank Ltd/The                  | CUSIP: 000000000<br>LEI: FE70I3MHDCWOZWK19W48 | Long             | EC               | CORP              | JP        |    298500 | NS      | $2685500.08   | 2.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuji Electric Co Ltd                    | Fuji Electric Co Ltd                    | CUSIP: 000000000<br>LEI: 5299000HVNGZZTYYM906 | Long             | EC               | CORP              | JP        |     39000 | NS      | $1939009.17   | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Motor Corp                       | Toyota Motor Corp                       | CUSIP: 000000000<br>LEI: 5493006W3QUS5LMH6R84 | Long             | EC               | CORP              | JP        |    132400 | NS      | $2355078.47   | 2.16%             |  |  |  | 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      | $1210592.30   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| TDK Corp                                | TDK Corp                                | CUSIP: 000000000<br>LEI: 3538005O8WNU39U8NX03 | Long             | EC               | CORP              | JP        |     82300 | NS      | $1002655.12   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Shinnihonseiyaku Co Ltd                 | Shinnihonseiyaku Co Ltd                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     41100 | NS      | $614042.01    | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryohin Keikaku Co Ltd                   | Ryohin Keikaku Co Ltd                   | CUSIP: 000000000<br>LEI: 549300PMNF56J66BY371 | Long             | EC               | CORP              | JP        |     63000 | NS      | $2949519.52   | 2.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Chudenko Corp                           | Chudenko Corp                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     44700 | NS      | $1084832.76   | 1.00%             |  |  |  | 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      | $535506.49    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Toenec Corp                             | Toenec Corp                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     74400 | NS      | $655849.49    | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Yonex Co Ltd                            | Yonex Co Ltd                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     49100 | NS      | $964100.19    | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Suzuki Motor Corp                       | Suzuki Motor Corp                       | CUSIP: 000000000<br>LEI: 353800D83H0V3ZV1SV24 | Long             | EC               | CORP              | JP        |     94000 | NS      | $1032831.83   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Noritake Co Ltd                         | Noritake Co Ltd                         | CUSIP: 000000000<br>LEI: 529900EN4XJGJXV4A581 | Long             | EC               | CORP              | JP        |      4500 | NS      | $128034.98    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Hoya Corp                               | Hoya Corp                               | CUSIP: 000000000<br>LEI: 353800X4VR3BHEUCJB42 | Long             | EC               | CORP              | JP        |     11700 | NS      | $1476103.38   | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Makita Corp                             | Makita Corp                             | CUSIP: 000000000<br>LEI: 529900CDR9E94BCM6294 | Long             | EC               | CORP              | JP        |     34300 | NS      | $1061863.44   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| ANA Holdings Inc                        | ANA Holdings Inc                        | CUSIP: 000000000<br>LEI: 5493008IRKIY0G3TE305 | Long             | EC               | CORP              | JP        |     17500 | NS      | $324494.75    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Hazama Ando Corp                        | Hazama Ando Corp                        | CUSIP: 000000000<br>LEI: 353800YSSP5B2GMQ6E51 | Long             | EC               | CORP              | JP        |     89500 | NS      | $949083.07    | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Shofu Inc                               | Shofu Inc                               | CUSIP: 000000000<br>LEI: 353800QEV3MM1IEOQE02 | Long             | EC               | CORP              | JP        |     71700 | NS      | $964564.01    | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Panasonic Holdings Corp                 | Panasonic Holdings Corp                 | CUSIP: 000000000<br>LEI: 254900GE1G59KGWPHX32 | Long             | EC               | CORP              | JP        |    127800 | NS      | $1208900.89   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Terumo Corp                             | Terumo Corp                             | CUSIP: 000000000<br>LEI: 353800JX1R4582QVK932 | Long             | EC               | CORP              | JP        |     35400 | NS      | $600287.27    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Ajinomoto Co Inc                        | Ajinomoto Co Inc                        | CUSIP: 000000000<br>LEI: 353800UT0TLROREPIC92 | Long             | EC               | CORP              | JP        |     78200 | NS      | $2068892.39   | 1.90%             |  |  |  | No            |                  2 | On Loan: No      |
| ESPEC Corp                              | ESPEC Corp                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     47500 | NS      | $1005476.57   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc              | Mizuho Financial Group Inc              | CUSIP: 000000000<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | EC               | CORP              | JP        |     53500 | NS      | $1569243.72   | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Nintendo Co Ltd                         | Nintendo Co Ltd                         | CUSIP: 000000000<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |     29300 | NS      | $2448861.22   | 2.25%             |  |  |  | No            |                  2 | On Loan: No      |
| KDDI Corp                               | KDDI Corp                               | CUSIP: 000000000<br>LEI: 5299003FU7V4I45FU310 | Long             | EC               | CORP              | JP        |    138500 | NS      | $2273006.82   | 2.09%             |  |  |  | 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      | $1025652.40   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Yokogawa Electric Corp                  | Yokogawa Electric Corp                  | CUSIP: 000000000<br>LEI: 529900MV0U7C9WWF4L22 | Long             | EC               | CORP              | JP        |     36900 | NS      | $983535.53    | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Forestry Co Ltd                | Sumitomo Forestry Co Ltd                | CUSIP: 000000000<br>LEI: 549300FIIRGO6D5FWR19 | Long             | EC               | CORP              | JP        |     38400 | NS      | $385752.72    | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Electric Industries Ltd        | Sumitomo Electric Industries Ltd        | CUSIP: 000000000<br>LEI: 5493005SP87FL5TOS202 | Long             | EC               | CORP              | JP        |    100700 | NS      | $2498838.99   | 2.29%             |  |  |  | No            |                  2 | On Loan: No      |
| NEC Corp                                | NEC Corp                                | CUSIP: 000000000<br>LEI: 5493000QYMPFRTEY4K28 | Long             | EC               | CORP              | JP        |    147000 | NS      | $4221233.29   | 3.87%             |  |  |  | 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      | $1014050.54   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| JSB Co Ltd                              | JSB Co Ltd                              | CUSIP: 000000000<br>LEI: 35380022ZQMJUL3XRB84 | Long             | EC               | CORP              | JP        |     25100 | NS      | $649476.59    | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokio Marine Holdings Inc               | Tokio Marine Holdings Inc               | CUSIP: 000000000<br>LEI: 5299009QN2NZ191KLS29 | Long             | EC               | CORP              | JP        |    102100 | NS      | $4099610.20   | 3.76%             |  |  |  | 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      | $1215391.28   | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Denso Corp                              | Denso Corp                              | CUSIP: 000000000<br>LEI: 549300RYPA10CQM3QK38 | Long             | EC               | CORP              | JP        |     29200 | NS      | $396168.62    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-28

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

**Signature:** Sharon Ferrari

**Name of Signer:** Sharon Ferrari

**Title:** Assistant Treasurer