ABRDN JAPAN EQUITY FUND, INC. Form N-CSRS Filed 2025-07-07

Managed Distribution Policy (unaudited)

The Board of Directors (the "Board") of the abrdn Japan Equity Fund, Inc. (the “Fund”) has authorized a managed distribution policy (the “Distribution Policy”) of paying quarterly distributions at an annual rate, set once a year, that is a percentage of the rolling average of the Fund’s net asset values over the preceding three month period ending on the last day of the month immediately preceding the distribution’s declaration date. With each distribution, the Fund will issue a notice to shareholders and an accompanying press release which will provide detailed information regarding the estimated amount and composition of the distribution and other information

required by the Fund’s Distribution Policy exemptive order. The Board may amend or terminate the Distribution Policy at any time without prior notice to shareholders. You should not draw any conclusions about the Fund’s investment performance from the amount of distributions or from the terms of the Fund’s Distribution Policy.

The Board has suspended the Fund's managed distribution policy after payment of the March 31, 2025 quarterly distribution.

Distribution Disclosure Classification (unaudited)

The Fund’s policy is to provide investors with a stable distribution rate. Each quarterly distribution will be paid out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital.

The Fund is subject to U.S. corporate, tax and securities laws. Under U.S. tax rules, the amount applicable to the Fund and character of distributable income for each fiscal period depends on the actual exchange rates during the entire year between the U.S. Dollar and the currencies in which Fund assets are denominated and on the aggregate gains and losses realized by the Fund during the entire year.

Therefore, the exact amount of distributable income for each fiscal year can only be determined as of the end of the Fund’s fiscal year, October 31. Under Section 19 of the Investment Company Act of

1940, as amended (the “1940 Act”), the Fund is required to indicate the sources of certain distributions to shareholders. The estimated distribution composition may vary from quarter to quarter because it may be materially impacted by future income, expenses and realized gains and losses on securities and fluctuations in the value of the currencies in which Fund assets are denominated.

Based on generally accepted accounting principles, the Fund estimates the distributions for the fiscal year commenced November 1, 2024 through the distributions paid on March 31, 2025 consisted of 22% net investment income and 78% return of capital.

In January 2026, a Form 1099-DIV will be sent to shareholders, which will state the final amount and composition of distributions and provide information with respect to their appropriate tax treatment for the 2025 calendar year.

abrdn Japan Equity Fund, Inc.

Stockholder Letter (unaudited)

Dear Stockholder,

We present the Semi-Annual Report, which covers the activities of abrdn Japan Equity Fund, Inc. (the “Fund”), for the six-month period ended April 30, 2025. The Fund’s investment objective is to outperform over the long term, on a total return basis (including appreciation and dividends), the Tokyo Stock Price Index (“TOPIX”).

Please visit the Fund on the web at https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds. Here, you can view quarterly commentary on the Fund's performance, monthly fact sheets, distribution and performance information, and other Fund literature.

Total Investment Return¹

For the six-month period ended April 30, 2025, the total return to stockholders of the Fund based on the net asset value (“NAV”) and market price of the Fund, respectively, compared to the Fund’s benchmark, is as follows:

NAV²^,³	7.76%
Market Price²	19.98%
TOPIX (Net Total Return)⁴	6.85%

NAV, Market Price and Premium(+)/Discount(-)

The below table represents a comparison between the current six-month period end and the prior fiscal year end of the Fund's market price to NAV and associated Premium(+) and Discount(-).


	NAV	Closing Market Price	Premium(+)/ Discount(-)
4/30/2025	$7.23	$6.72	-7.05%
10/31/2024	$6.96	$5.81	-16.52%

During the six-month period ended April 30, 2025, the Fund’s NAV was within a range of $6.01 to $7.28 and the Fund’s market price traded within a range of $5.61 to $6.75. During the six-month period ended April 30, 2025, the Fund’s shares traded within a range of a premium(+)/discount(-) of -17.87% to -3.83%.

Proposed Reorganization and Conditional Tender Offer

On March 11, 2025, the Boards of abrdn Japan Equity Fund, Inc. (NYSE: JEQ) (the "Acquired Fund" or "JEQ") and abrdn Global Infrastructure Income Fund (NYSE: ASGI) (the "Acquiring Fund" or "ASGI") announced each had approved the reorganization of JEQ into ASGI (the "Reorganization"). The proposed Reorganization is subject to the receipt of necessary Acquired Fund shareholder approvals. There are no proposed changes to the current objectives or policies of ASGI as a result of the Reorganization. The Reorganization is intended to be treated as tax-free reorganization for U.S. federal income tax purposes. Additional information regarding the Reorganization will be presented in a prospectus/proxy statement to be sent to JEQ shareholders (the "Proxy Statement"). JEQ shareholders of record on June 13, 2025 will be asked to vote on the Reorganization at a special shareholder meeting currently targeted for July 27, 2025.

Conditional Tender Offer

Contingent upon the approval of the proposed Reorganization by JEQ shareholders, JEQ also announced approval by the Board to undertake a cash tender offer. Pursuant to the offer, the Fund will purchase up to 50% of the issued and outstanding shares at a price per share to be equal to 98% of the Fund's NAV per share as determined by the Fund on the next business day following the expiration date of the tender offer. The cash tender offer will commence as soon as practical after the shareholder meeting approving the Reorganization has occurred and prior to the reorganization with ASGI. Further details and timing will be announced following the Fund's Special Shareholder meeting. Subject to approval of the Reorganization by JEQ shareholders, it is currently expected that the Reorganization will be completed in the third quarter of 2025.

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Past performance is no guarantee of future results. Investment returns and principal value will fluctuate and shares, when sold, may be worth more or less than original cost. Current performance may be lower or higher than the performance quoted. Net asset value return data includes investment management fees, custodial charges and administrative fees (such as Director and legal fees) and assumes the reinvestment of all distributions.

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²	Assuming the reinvestment of dividends and distributions.

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³	The Fund’s total return is based on the reported NAV for each financial reporting period end and may differ from what is reported on the Financial Highlights due to financial statement rounding or adjustments.

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⁴

The TOPIX (Net Total Return) Index is a free-float adjusted market capitalization-weighted index that is calculated based on all the domestic common stocks listed on the Tokyo Stock Exchange First Section (First Section includes large cap and medium cap companies). The TOPIX Net Total Return Index is calculated net of withholding taxes to which the Fund is generally subject. The TOPIX Net Total Return Index shows the measure of current market capitalization assuming that market capitalization as of the base date (January 4, 1968) is 100 points. Index is shown in USD$ terms. Indices are unmanaged and have been provided for comparison purposes only. No fees or expenses are reflected. You cannot invest directly in an index.

abrdn Japan Equity Fund, Inc.

Stockholder Letter (unaudited) (continued)

Aberdeen Name Change

On March 4, 2025, abrdn plc, the parent company of the Fund's adviser, announced that it would change its name, and from that date, will use 'Aberdeen' as the principal trading identity for its Investments business. On March 12, 2025, abrdn plc completed the steps to legally change its name to Aberdeen Group plc. Aberdeen has retained 'abrdn' as an operational abbreviation across its subsidiary legal entities (including the Fund's adviser, fund names and descriptors).

Managed Distribution Policy

In order to avoid potential disruption to the timing of the proposed tender offer mentioned above, the Board of Directors of JEQ suspended the Fund's managed distribution policy after payment of the previously announced quarterly distribution payable on March 31, 2025.

The Fund is covered under exemptive relief received by the Fund’s investment manager from the U.S. Securities and Exchange Commission (“SEC”) that allows the Fund to distribute long-term capital gains as frequently as monthly in any one taxable year.

Loan Facility and Use of Leverage

The Fund is permitted to borrow for investment purposes as permitted by the 1940 Act or any rule, order or interpretation thereunder. This allows the Fund to borrow for investment purposes in the amount up to 33 1/3% of the Fund’s total assets. On December 15, 2020, the Fund entered into a prime brokerage agreement with BNP Paribas Prime Brokerage International Ltd. (“BNPP PB”), which allows the Fund to borrow on a committed basis. Interest on the BNPP PB is charged on amounts borrowed at a variable rate. The Fund’s outstanding balance as of April 30, 2025 was 1,520,000,000 Japanese Yen ($10,656,198) or 9.4% of the Fund's managed assets. See Notes to Financial Statements Note 7 for further information.

Discount Management Program

The Board approved an open market repurchase and discount management policy (the “Program”). The Program allows the Fund to purchase, in the open market, its outstanding shares of common stock, with the amount and timing of any repurchase determined at the discretion of the Fund's investment adviser. Such purchases may be made opportunistically at certain discounts to NAV per share in the reasonable judgment of management based on historical discount levels and current market conditions. If shares are repurchased, the Fund reports repurchase activity on its website on a monthly basis. For the six months ended April 30, 2025, the Fund did not repurchase any shares through the Program.

On a quarterly basis, the Board will receive information on any transactions made pursuant to this policy during the prior quarter. Under the terms of the Program, the Fund is permitted to repurchase during each 12-month period ended October 31 up to 10% of its

outstanding shares of common stock outstanding as of October 31 of the prior year.

Unclaimed Share Accounts

Please be advised that abandoned or unclaimed property laws for certain states require financial organizations to transfer (escheat) unclaimed property (including Fund shares) to the state. Each state has its own definition of unclaimed property, and Fund shares could be considered “unclaimed property” due to account inactivity (e.g., no owner-generated activity for a certain period), returned mail (e.g., when mail sent to a stockholder is returned to the Fund's transfer agent as undeliverable), or a combination of both. If your Fund shares are categorized as unclaimed, your financial advisor or the Fund's transfer agent will follow the applicable state’s statutory requirements to contact you, but if unsuccessful, laws may require that the shares be escheated to the appropriate state. If this happens, you will have to contact the state to recover your property, which may involve time and expense. For more information on unclaimed property and how to maintain an active account, please contact your financial adviser or the Fund's transfer agent.

Portfolio Holdings Disclosure

The Fund's complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year are included in the Fund's semi-annual and annual reports to stockholders. The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These reports are available on the SEC’s website at http://www.sec.gov. The Fund makes the information available to stockholders upon request and without charge by calling Investor Relations toll-free at 1-800-522-5465.

Proxy Voting

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available by August 31 of the relevant year: (1) upon request without charge by calling Investor Relations toll-free at 1-800-522-5465; and (2) on the SEC’s website at http://www.sec.gov.

Investor Relations Information

As part of Aberdeen's commitment to shareholders, we invite you to visit the Fund on the web at https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds. Here, you can view monthly fact sheets, quarterly commentary, distribution and performance information, as well as other Fund literature. Enroll in Aberdeen's email services to receive content related to your fund. In addition, you will receive monthly factsheets based on your preferences. Sign up today at

2	abrdn Japan Equity Fund, Inc.

Total Investment Return (unaudited)

The following table summarizes the average annual Fund total return compared to the Fund’s benchmark for the six-month (not annualized), 1-year, 3-year, 5-year and 10-year periods ended April 30, 2025.

	6 Months	1 Year	3 Years	5 Years	10 Years
Net Asset Value (NAV)	7.76%	11.57%	8.78%	5.82%	4.42%
Market Price	19.98%	23.87%	11.29%	8.09%	4.77%
TOPIX (Net Total Return)	6.85%	9.56%	10.77%	8.60%	5.51%

Performance of a $10,000 Investment (as of April 30, 2025)

This graph shows the change in value of a hypothetical investment of $10,000 in the Fund for the periods indicated. For comparison, the same investment is shown in the indicated index.

abrdn Inc. has entered into an agreement with the Fund to limit investor relations services fees, without which performance would be lower. This agreement aligns with the term of the investment management agreement (the "Management Agreement"). See Note 3 in the Notes to Financial Statements.

Returns represent past performance. Total investment return at NAV is based on changes in the NAV of Fund shares and assumes reinvestment of dividends and distributions, if any, at market prices pursuant to the dividend reinvestment program sponsored by the Fund’s transfer agent. All return data at NAV includes fees charged to the Fund, which are listed in the Fund’s Statement of Operations under “Expenses.” Total investment return at market value is based on changes in the market price at which the Fund’s shares traded on the NYSE during the period and assumes reinvestment of dividends and distributions, if any, at market prices pursuant to the dividend reinvestment program sponsored by the Fund’s transfer agent. The Fund’s total investment return is based on the reported NAV as of the financial reporting period end date of April 30, 2025. Because the Fund’s shares trade in the stock market based on investor demand, the Fund may trade at a price higher or lower than its NAV. Therefore, returns are calculated based on both market price and NAV. Past performance is no guarantee of future results. The performance information provided does not reflect the deduction of taxes that a shareholder would pay on distributions received from the Fund or the sale of Fund shares. The current performance of the Fund may be lower or higher than the figures shown. The Fund’s yield, return, market price and NAV will fluctuate. Performance information current to the most recent month-end is available at https://www.aberdeeninvestments.com/en-us/investor/investment-solutions/closed-end-funds or by calling 800-522-5465.

The annualized net operating expense ratio based on the six-month period ended April 30, 2025 was 1.16%.The annualized net operating expense ratio, net of fee waivers and excluding interest expense based on the six-month period ended April 30, 2025, was 1.04%.

4	abrdn Japan Equity Fund, Inc.

Portfolio of Investments (unaudited)

As of April 30, 2025

	Shares		Value
COMMON STOCKS—109.0%
JAPAN—109.0%
Communication Services—6.7%
Internet Initiative Japan, Inc.		26,300	$ 487,691
Kakaku.com, Inc.		71,200	1,259,233
KDDI Corp.^(a)		138,500	2,454,720
Nintendo Co. Ltd.^(a)		32,100	2,664,942
			6,866,586
Consumer Discretionary—19.5%
Denso Corp.^(a)		29,200	377,028
Musashi Seimitsu Industry Co. Ltd.		34,700	596,776
Nitori Holdings Co. Ltd.		2,300	273,665
Pan Pacific International Holdings Corp.^(a)		133,100	4,097,807
Panasonic Holdings Corp.		127,800	1,465,350
Ryohin Keikaku Co. Ltd.		63,000	2,129,434
Sony Group Corp.^(a)		172,800	4,558,945
Sumitomo Electric Industries Ltd.		100,700	1,618,591
Sumitomo Forestry Co. Ltd.		12,800	368,566
Suzuki Motor Corp.		94,000	1,126,464
Toyota Motor Corp.^(a)		132,400	2,528,762
Yonex Co. Ltd.		49,100	803,412
			19,944,800
Consumer Staples—9.8%
Ajinomoto Co., Inc.^(a)		87,600	1,791,777
Asahi Group Holdings Ltd.^(a)		154,300	2,132,779
Kao Corp.		32,200	1,378,853
Lion Corp.		102,900	1,261,242
NH Foods Ltd.		32,600	1,230,758
Seven & i Holdings Co. Ltd.		77,800	1,145,264
Shinnihonseiyaku Co. Ltd.		41,100	689,660
Suntory Beverage & Food Ltd.		3,300	115,305
Transaction Co. Ltd.		14,400	255,989
			10,001,627
Financials—16.6%
Hachijuni Bank Ltd.		298,500	2,253,075
Mitsubishi UFJ Financial Group, Inc.^(a)		500,700	6,308,380
Mizuho Financial Group, Inc.		43,100	1,077,613
MS&AD Insurance Group Holdings, Inc.		94,300	2,143,420
Tokio Marine Holdings, Inc.^(a)		102,100	4,092,408
Tokyo Century Corp.^(a)		106,100	1,117,374
			16,992,270
Health Care—7.4%
Chugai Pharmaceutical Co. Ltd.^(a)		54,900	3,162,762
Daiichi Sankyo Co. Ltd.^(a)		38,400	982,295
Hoya Corp.^(a)		11,700	1,376,693
Olympus Corp.		16,900	221,441
Shofu, Inc.		71,700	1,096,973
Terumo Corp.		35,400	677,582
			7,517,746
Industrials—23.6%
Amada Co. Ltd.^(a)		74,300	743,968
ANA Holdings, Inc.		17,500	336,165
Chudenko Corp.		44,700	1,099,174
Daikin Industries Ltd.^(a)		4,600	524,047
DMG Mori Co. Ltd.		15,100	262,464
Fuji Electric Co. Ltd.^(a)		39,000	1,734,202
Hazama Ando Corp.		89,500	891,385
Hitachi Ltd.^(a)		164,600	4,068,173
ITOCHU Corp.		46,100	2,357,689
Kandenko Co. Ltd.^(a)		121,600	2,410,424

	Shares		Value


Makita Corp.^(a)		34,300	$ 1,003,071
Maruzen Showa Unyu Co. Ltd.		25,500	1,072,142
MISUMI Group, Inc.^(a)		61,100	855,965
Noritake Co. Ltd.		4,500	117,280
Open Up Group, Inc.		43,700	562,916
Recruit Holdings Co. Ltd.^(a)		32,700	1,812,079
SMC Corp.		800	258,913
Takuma Co. Ltd.		45,000	579,831
Toenec Corp.		74,400	589,214
Tokyo Metro Co. Ltd.		92,500	1,172,071
Union Tool Co.		23,500	601,685
West Holdings Corp.		99,000	1,096,147
			24,149,005
Information Technology—17.7%
Advantest Corp.^(a)		10,300	430,910
Base Co. Ltd.		27,700	602,219
ESPEC Corp.		47,500	758,433
Ibiden Co. Ltd.^(a)		11,200	310,478
Jeol Ltd.		19,000	611,064
Keyence Corp.^(a)		4,200	1,755,984
Kioxia Holdings Corp.^(b)		65,600	856,820
Kohoku Kogyo Co. Ltd.		38,800	500,262
NEC Corp.^(a)		147,000	3,578,394
Nomura Research Institute Ltd.		33,000	1,249,625
Otsuka Corp.		57,200	1,268,642
Ricoh Co. Ltd.		148,000	1,556,680
Sansan, Inc.^(b)		58,000	792,361
Tokyo Electron Ltd.^(a)		9,800	1,459,203
Tri Chemical Laboratories, Inc.		33,200	592,792
Yokogawa Electric Corp.		36,900	798,521
Zuken, Inc.		27,300	987,172
			18,109,560
Materials—4.9%
JX Advanced Metals Corp.^(b)		266,500	1,481,425
Mitsubishi Gas Chemical Co., Inc.		58,700	894,380
Nippon Paint Holdings Co. Ltd.^(a)		142,800	1,087,960
Shin-Etsu Chemical Co. Ltd.^(a)		52,100	1,585,480
			5,049,245
Real Estate—2.8%
JSB Co. Ltd.		25,100	638,727
Tokyu Fudosan Holdings Corp.^(a)		320,200	2,242,622
			2,881,349
Total Japan			111,512,188
Total Common Stocks			111,512,188
SHORT-TERM INVESTMENT—0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.29%^(c)		127,371	127,371
Total Short-Term Investment			127,371
Total Investments (Cost $94,101,510)^(d)—109.1%			111,639,559
Liabilities in Excess of Other Assets—(9.1%)			(9,313,639)
Net Assets—100.0%			$102,325,920

6	abrdn Japan Equity Fund, Inc.

Financial Highlights

	For the Six-Month Period Ended April 30,	For the Fiscal Years Ended October 31,
	2025 (unaudited)	2024	2023	2022	2021	2020
PER SHARE OPERATING PERFORMANCE^(a):
Net asset value, beginning of period	$6.96	$6.05	$6.02	$10.70	$9.80	$8.97
Net investment income	0.04	0.06	0.05	0.06	0.08	0.06
Net realized and unrealized gains/(losses) on investments and foreign currency transactions	0.47	1.32	0.41	(3.37)	1.25	1.03
Total from investment operations	0.51	1.38	0.46	(3.31)	1.33	1.09
Distributions from:
Net investment income	(0.23)	(0.07)	(0.06)	(0.12)	(0.06)	(0.07)
Net realized gains	–	–	–	(0.87)	(0.37)	(0.19)
Return of capital	–	(0.38)	(0.35)	(0.37)	–	–
Total distributions	(0.23)	(0.45)	(0.41)	(1.36)	(0.43)	(0.26)
Capital Share Transactions:
Impact of Stock Distribution	(0.01)	(0.02)	(0.02)	(0.01)	–	–
Net asset value, end of period	$7.23	$6.96	$6.05	$6.02	$10.70	$9.80
Market price, end of period	$6.72	$5.81	$5.07	$5.29	$9.27	$8.22
Total Investment Return Based on^(b):
Market price	19.98%	23.62%	3.09%	(31.92%)	17.78%	12.75%
Net asset value	7.76%	24.10%	8.10%	(32.88%)	14.03%	12.84%
Ratio to Average Net Assets Applicable to Common Shareholders/Supplementary Data:
Net assets applicable to common shareholders, end of period (000 omitted)	$102,326	$97,399	$83,094	$81,298	$143,425	$131,459
Average net assets applicable to common shareholders (000 omitted)	$97,206	$97,451	$88,898	$104,074	$142,960	$119,625
Gross operating expenses	1.16%^(c)	1.10%	1.29%	1.08%	–^(d)	–^(d)
Net operating expenses, net of fee waivers	1.16%^(c)	1.10%	1.27%	1.08%	0.83%	0.85%
Net operating expenses, net of fee waivers and excluding interest expense	1.04%^(c)	1.01%	1.18%	0.99%	0.76%	–
Net Investment income	1.28%^(c)	0.87%	0.70%	0.83%	0.76%	0.63%
Portfolio turnover	23%^(e)	45%	54%	38%	45%	34%
Line of credit payable outstanding (000 omitted)	$10,656	$9,979	$10,037	$10,226	$13,330	$–
Asset coverage ratio on line of credit payable at period end^(f)	1,060%	1,076%	928%	895%	1,176%	–
Asset coverage per $1,000 on line of credit payable at period end	$10,602	$10,761	$9,279	$8,950	$11,759	$–

(a)	Based on average shares outstanding. See accompanying Notes to Financial Statements.

12	abrdn Japan Equity Fund, Inc.

Notes to Financial Statements (unaudited)
April 30, 2025

1. Organization

abrdn Japan Equity Fund, Inc. (the "Fund") was incorporated in Maryland on July 12, 1990 under its original name "The Japan Equity Fund, Inc." and commenced operations on July 24, 1992. It is registered with the Securities and Exchange Commission (the "SEC") as a closed-end, diversified management investment company. The Fund’s investment objective is to outperform over the long term, on a total return basis (including appreciation and dividends), the Tokyo Stock Price Index ("TOPIX").

2. Summary of Significant Accounting Policies

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services-Investment Companies. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform to generally accepted accounting principles in the United States of America ("U.S. GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The accounting records of the Fund are maintained in U.S. Dollars and the U.S. Dollar is used as both the functional and reporting currency.

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.

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.

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

14	abrdn Japan Equity Fund, Inc.

Notes to Financial Statements (unaudited) (continued)
April 30, 2025

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.

The three-level hierarchy of inputs is summarized below:

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

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).

A summary of standard inputs is listed below:

Security Type	Standard Inputs
Foreign equities utilizing a fair value factor	Depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security.

The following is a summary of the inputs used as of April 30, 2025 in valuing the Fund's investments and other financial instruments at fair value. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Please refer to the Portfolio of Investments for a detailed breakout of the security types:

Investments, at Value	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
Assets
Investments in Securities
Common Stocks	$1,481,425	$110,030,763	$–	$111,512,188
Short-Term Investment	127,371	–	–	127,371
Total Investments	$1,608,796	$110,030,763	$–	$111,639,559
Total Investment Assets	$1,608,796	$110,030,763	$–	$111,639,559

Amounts listed as “–” are $0 or round to $0.

For the six-month period ended April 30, 2025, there were no significant changes to the fair valuation methodologies for the type of holdings in the Fund's portfolio.

b. Foreign Currency Translation:

Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. Dollars at the exchange rate of said currencies against the U.S. Dollar, as of the Valuation Time, as provided by an independent pricing service approved by the Board.

Foreign currency amounts are translated into U.S. Dollars on the following basis:

(i) fair value of investment securities, other assets and liabilities – at the current daily rates of exchange at the Valuation Time; and

(ii) purchases and sales of investment securities, income and expenses – at the relevant rates of exchange prevailing on the respective dates of such transactions.

The Fund does not isolate that portion of gains and losses on investments in equity securities due to changes in the foreign exchange rates from the portion due to changes in market prices of equity securities. Accordingly, realized and unrealized foreign currency gains and losses with respect to such securities are included in the reported net realized and unrealized gains and losses on investment transactions balances.

abrdn Japan Equity Fund, Inc.

Notes to Financial Statements (unaudited) (continued)
April 30, 2025

The Fund reports certain foreign currency related transactions and foreign taxes withheld on security transactions as components of realized gains for financial reporting purposes, whereas such foreign currency related transactions are treated as ordinary income for U.S. federal income tax purposes.

Net unrealized currency gains or losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation/depreciation in value of investments, and translation of other assets and liabilities denominated in foreign currencies.

Net realized foreign exchange gains or losses represent foreign exchange gains and losses from transactions in foreign currencies and forward foreign currency contracts, exchange gains or losses realized between the trade date and settlement date on security transactions, and the difference between the amounts of interest and dividends recorded on the Fund’s books and the U.S. Dollar equivalent of the amounts actually received.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. Dollar. Generally, when the U.S. Dollar rises in value against foreign currency, the Fund's investments denominated in that foreign currency will lose value because the foreign currency is worth fewer U.S. Dollars; the opposite effect occurs if the U.S. Dollar falls in relative value.

c. Rights Issues and Warrants:

Rights issues give the right, normally to existing stockholders, to buy a proportional number of additional securities at a given price (generally at a discount) within a fixed period (generally a short-term period) and are offered at the company’s discretion. Warrants are securities that give the holder the right to buy common stock at a specified price for a specified period of time. Rights issues and warrants are speculative and have no value if they are not exercised before the expiration date. Rights issues and warrants are valued at the last sale price on the exchange on which they are traded.

d. Security Transactions, Investment Income and Expenses:

Security transactions are recorded on the trade date. Realized and unrealized gains/(losses) from security and foreign currency transactions are calculated on the identified cost basis. Dividend income and corporate actions are recorded generally on the ex-date, except for certain dividends and corporate actions which may be recorded after the ex-date, as soon as the Fund acquires information regarding such dividends or corporate actions.

Interest income and expenses are recorded on an accrual basis.

e. Distributions:

The Fund records dividends and distributions payable to its stockholders on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These book basis/tax basis differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions which exceed net investment income and net realized capital gains for tax purposes are reported as return of capital.

f. Federal Income Taxes:

The Fund intends to continue to qualify as a “regulated investment company” ("RIC") by complying with the provisions available to certain investment companies, as defined in Subchapter M of the Internal Revenue Code of 1986, as amended, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all federal income taxes. Therefore, no federal income tax provision is required.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the most recent four fiscal years up to the most recent fiscal year ended October 31, 2024 are subject to such review.

g. Foreign Withholding Tax:

Dividend and interest income from non-U.S. sources received by the Fund are generally subject to non-U.S. withholding taxes and are recorded on the Statement of Operations. The Fund files for tax reclaims for the refund of such withholdings taxes according to tax treaties. Tax reclaims that are deemed collectible are booked as tax reclaim receivable on the Statement of Assets and Liabilities. In addition, the Fund may be subject to capital gains tax in certain countries in which it invests. The above taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties with some of these countries. The Fund accrues such taxes when the related income is earned.

In addition, when the Fund sells securities within certain countries in which they invest, the capital gains realized may be subject to tax. The amount of capital gains tax, if any, is reported on the Statement of Operations. Based on these market requirements and as required

16	abrdn Japan Equity Fund, Inc.

Notes to Financial Statements (unaudited) (continued)
April 30, 2025

under U.S. GAAP, the Funds accrue deferred capital gains tax, if any, on securities currently held that have unrealized appreciation within these countries. The amount of deferred capital gains tax accrued and the change in deferred capital gains tax, if any, is reported on the Statements of Assets and Liabilities and the Statement of Operations, respectively.

3. Agreements and Transactions with Affiliates

a. Investment Manager:

abrdn Asia serves as the Fund's investment manager with respect to all investments. The Investment Manager is an indirect wholly-owned subsidiary of Aberdeen Group plc. In rendering advisory services, the Investment Manager may use the resources of investment advisor subsidiaries of Aberdeen Group plc. These affiliates have entered into procedures pursuant to which investment professionals from affiliates may render portfolio management and research services as associated persons of the Investment Manager.

Pursuant to the Management Agreement, the Investment Manager makes investment management decisions relating to the Fund’s assets. For such investment services, the Fund pays the Investment Manager at an annual rate of 0.60% of the first $20 million, 0.40% of the next $30 million, and 0.20% of the excess over $50 million of the Fund’s average weekly Managed Assets. For purposes of this calculation, “Managed Assets” of the Fund means total assets of the Fund, including assets attributable to investment leverage, minus all liabilities, but not excluding any liabilities or obligations attributable to leverage obtained by the Fund for investment purposes through (i) the issuance or incurrence of indebtedness of any type (including, without limitation, borrowing through a credit facility or the issuance of debt securities), (ii) the issuance of preferred stock or other similar preference securities, and/or (iii) any other means, but not including any collateral received for securities loaned by the Fund. During the six-month period ended April 30, 2025, the Fund paid the Investment Manager $175,783. In addition, the Fund has agreed to reimburse the Investment Manager for all out-of-pocket expenses related to the Fund. For the six-month period ended April 30, 2025, no such expenses were paid to the Investment Manager.

b. Fund Administration:

abrdn Inc., an affiliate of the Investment Manager, serves as the Fund's administrator, pursuant to an agreement under which abrdn Inc. receives a fee, payable quarterly by the Fund, at an annual fee rate of 0.08% of the value of the Fund's average weekly net assets. During the six-month period ended April 30, 2025, abrdn Inc. earned $38,563 from the Fund for administration services.

c. Investor Relations:

Under the terms of the Investor Relations Services Agreement, abrdn Inc. provides and pays third parties to provide investor relations services to the Fund and certain other funds advised by the Investment Manager or its affiliates as part of an Investor Relations Program. Under the Investor Relations Services Agreement, the Fund owes a portion of the fees related to the Investor Relations Program (the "Fund's Portion"). However, Investor Relations Services fees are limited by abrdn Inc. so that the Fund will only pay up to an annual rate of 0.05% of the Fund's average weekly net assets. Any difference between the capped rate of 0.05% of the Fund's average weekly net assets and the Fund's Portion is paid for by abrdn Inc.

During the six-month period ended April 30, 2025, the Fund incurred investor relations fees of approximately $24,051. For the six-month period ended April 30, 2025, Aberdeen did not contribute to the investor relations fees for the Fund because the Fund's contribution was below 0.05% of the Fund's average weekly net assets on an annual basis.

4. Investment Transactions

Purchases and sales of investment securities (excluding short-term securities) for the six-month period ended April 30, 2025, were $24,233,446 and $25,884,731, respectively.

5. Capital

The authorized capital of the Fund is 30 million shares of $0.01 par value per share of common stock. As of April 30, 2025, there were 14,145,971 shares of common stock issued and outstanding.

The following table shows the shares issued by the Fund as a part of a quarterly distribution to shareholders during the six-month period ended April 30, 2025.

Payment Date	Shares Issued
1/10/2025	80,379
3/31/2025	66,554

6. Discount Management Program

abrdn Japan Equity Fund, Inc.

Notes to Financial Statements (unaudited) (continued)
April 30, 2025

7. Line of Credit

The Fund has entered into a Prime Brokerage Agreement with BNP Paribas Prime Brokerage International Ltd. (“BNPP PB”). The maximum commitment amount is $20,000,000. Interest on the BNPP PB is charged on amounts borrowed at a variable rate, which may be based on the Secured Overnight Financing Rate (“SOFR”) or the MUTKCALM plus a spread. The BNPP PB facility provides a secured, committed line of credit for the Fund where certain Fund assets are pledged against advances made to the Fund. The Fund has granted a security interest in all pledged assets used as collateral to the BNPP PB facility.

The Fund's outstanding balance as of April 30, 2025 was 1,520,000,000 JPY ($10,656,198). During the six-month period ended April 30, 2025 the average borrowing by the Fund was 1,520,000,000 JPY with an average weighted interest rate on borrowings of 1.18%. Interest expense related to the line of credit for the six-month period ended April 30, 2025, was $59,135.

8. Portfolio Investment Risks

a. Equity Securities Risk:

The stock or other security of a company may not perform as well as expected, and may decrease in value, because of factors related to the company (such as poorer than expected earnings or certain management decisions), to the industry in which the company is engaged (such as a reduction in the demand for products or services in a particular industry) or to the market as a whole (such as periods of market volatility or instability, or general and prolonged periods of economic decline). Holders of common stock generally are subject to more risks than holders of preferred stock or debt securities because the right to repayment of common stockholders' claims is subordinated to that of preferred stock and debt securities upon the bankruptcy of the issuer.

b. Focus Risk:

The Fund may have elements of risk not typically associated with investments in the United States due to focused investments in a limited number of countries or regions subject to foreign securities or currency risks. The Fund focuses its investments in Japan, which subjects the Fund to more volatility and greater risk of loss than geographically diverse funds. Such focused investments may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of

adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

c. Foreign Currency Exposure Risk – Japan:

Substantially all of the Fund’s assets are invested in Japanese Equities. In addition, a portion of the Fund’s Temporary Investments may be in yen-denominated debt securities. Substantially all income received by the Fund is in yen. However, the Fund’s net asset value is reported, and distributions from the Fund are made, in U.S. dollars. Therefore, the Fund’s reported net asset value and distributions will be adversely affected by depreciation of the yen relative to the U.S. dollar. In addition, the Fund computes its income on the date of its receipt by the Fund at the foreign exchange rate in effect on that date, and if the value of the yen falls relative to the U.S. dollar between the date of receipt and the date the Fund makes distributions, and, if the Fund has insufficient cash in U.S. dollars to meet distribution requirements, the Fund may be required to liquidate securities in order to make distributions.

d. Foreign Securities Risk - Japan:

Investments in foreign securities that are traded on foreign markets, including Japanese securities, are subject to risks of loss that are different from the risks of investing in U.S. securities. These include the risks related to the nature of the markets for Japanese Equities, political and economic risks with respect to Japan, fluctuations in the rate of exchange between currencies and costs associated with currency conversion, and Japanese laws and government regulations which may create potential limitations and restrictions on investments by the Fund in Japanese Equities.

e. Issuer Risk:

The value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services. In an increasingly interconnected financial market, the adverse changes in the financial conditions of one issuer may negatively affect other issuers.

f. Leverage Risk:

The Fund may use leverage to purchase securities. Increases and decreases in the value of the Fund's portfolio will be magnified when the Fund uses leverage. Certain investments or trading strategies that involve leverage can result in losses that greatly exceed the amount originally invested.

g. Management Risk:

The Fund is subject to the risk that the Investment Manager may make poor security selections. The Investment Manager and its portfolio managers apply their own investment techniques and risk analyses in making investment decisions for the Fund and there can be no

18	abrdn Japan Equity Fund, Inc.

Notes to Financial Statements (unaudited) (continued)
April 30, 2025

guarantee that these decisions will achieve the desired results for the Fund. In addition, the Investment Manager may select securities that underperform the relevant market or other funds with similar investment objectives and strategies.

h. Market Events Risk:

Markets are affected by numerous factors, including interest rates, the outlook for corporate profits, the health of the national and world economies, the fluctuation of other stock markets around the world, and financial, economic and other global market developments and disruptions, such as those arising from war, terrorism, market manipulation, government interventions, trading and tariff arrangements, defaults and shutdowns, political changes or diplomatic developments, public health emergencies and natural/environmental disasters. Such events can negatively impact the securities markets and cause the Fund to lose value.

Policy and legislative changes in countries around the world are affecting many aspects of financial regulation, and governmental and quasi-governmental authorities and regulators throughout the world have previously responded to serious economic disruptions with a variety of significant fiscal and monetary policy changes.

The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. In addition, economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries or sectors experiencing economic and financial difficulties, the value and liquidity of the Fund’s investments may be negatively affected by such events.

i. Mid-Cap Securities Risk:

Securities of medium-sized companies tend to be more volatile and less liquid than securities of larger companies.

j. Non-U.S. Taxation Risk:

Income, proceeds and gains received by the Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries, which will reduce the return on those investments. Tax treaties between certain countries and the United States may reduce or eliminate such taxes.

If, at the close of its taxable year, more than 50% of the value of the Fund’s total assets consists of securities of foreign corporations, including for this purpose foreign governments, the Fund will be permitted to make an election under the Code that will allow shareholders a deduction or credit for foreign taxes paid by the Fund. In such a case, shareholders will include in gross income from foreign sources their pro rata shares of such taxes. A shareholder’s ability to claim an offsetting foreign tax credit or deduction in respect of such foreign taxes is subject to certain limitations imposed by the Code,

which may result in the shareholder’s not receiving a full credit or deduction (if any) for the amount of such taxes. Shareholders who do not itemize on their U.S. federal income tax returns may claim a credit (but not a deduction) for such foreign taxes. If the Fund does not qualify for or chooses not to make such an election, shareholders will not be entitled separately to claim a credit or deduction for U.S. federal income tax purposes with respect to foreign taxes paid by the Fund; in that case the foreign tax will nonetheless reduce the Fund’s taxable income. Even if the Fund elects to pass through to its shareholders foreign tax credits or deductions, tax-exempt shareholders and those who invest in the Fund through tax-advantaged accounts such as IRAs will not benefit from any such tax credit or deduction.

k. Passive Foreign Investment Company Tax Risk:

Equity investments by the Fund in certain “passive foreign investment companies” (“PFICs”) could subject the Fund to a U.S. federal income tax (including interest charges) on distributions received from the PFIC or on proceeds received from the disposition of shares in the PFIC. The Fund may be able to elect to treat a PFIC as a “qualified electing fund” (i.e., make a “QEF election”), in which case the Fund will be required to include its share of the company’s income and net capital gains annually. The Fund may make an election to mark the gains (and to a limited extent losses) in such holdings “to the market” as though it had sold and repurchased its holdings in those PFICs on the last day of the Fund’s taxable year. Such gains and losses are treated as ordinary income and loss. Because it is not always possible to identify a foreign corporation as a PFIC, the Fund may incur the tax and interest charges described above in some instances.

l. Sector Risk:

To the extent that the Fund has a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector, the Fund may be more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

Industrials Sector Risk. To the extent that the industrial sector represents a significant portion of the Fund’s holdings, the Fund will be sensitive to changes in, and its performance may be adversely impacted by issues impacting this sector. The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. The industrials sector may also be adversely affected by changes or trends

abrdn Japan Equity Fund, Inc.

Notes to Financial Statements (unaudited) (continued)
April 30, 2025

in commodity prices, which may be influenced by unpredictable factors. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies involved in this sector rely to a significant extent on government demand for their products and services.

Information Technology Sector Risk. To the extent that the information technology sector represents a significant portion of the Fund, the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this sector. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on their profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

m. Small-Cap Securities Risk:

Securities of smaller companies are usually less stable in price and less liquid than those of larger, more established companies. Therefore, they generally involve greater risk.

n. Valuation Risk:

The price that the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lower than expected gain upon the sale of the investment. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

9. Contingencies

In the normal course of business, the Fund may provide general indemnifications pursuant to certain contracts and organizational documents. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund, and therefore, cannot be estimated; however, the Fund expects the risk of loss from such claims to be remote.

10. Tax Information

The U.S. federal income tax basis of the Fund's investments (including derivatives, if applicable) and the net unrealized appreciation as of April 30, 2025, were as follows:

Tax Cost of Securities	Unrealized Appreciation	Unrealized Depreciation	Net Unrealized Appreciation/ (Depreciation)
$94,982,443	$21,331,275	$(4,674,159)	$16,657,116

11. Proposed Reorganization

On March 11, 2025, the Boards of abrdn Japan Equity Fund, Inc. (NYSE: JEQ) (the "Acquired Fund") and abrdn Global Infrastructure Income Fund (NYSE: ASGI) (the "Acquiring Fund") announced each had approved the reorganization of JEQ into ASGI (the"Reorganization"). The proposed Reorganization is subject to the receipt of necessary Acquired Fund shareholder approvals. There are no proposed changes to the current objectives or policies of ASGI as a result of the Reorganization. The Reorganization is intended to be treated as tax-free reorganization for U.S. federal income tax purposes. Additional information regarding the Reorganization will be presented in a prospectus/proxy statement to be sent to JEQ shareholders

(the"Proxy Statement"). JEQ shareholders of record on June 13, 2025 will be asked to vote on the Reorganization at a special shareholder meeting currently targeted for July 27, 2025.

12. Segment Reporting

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted disclosures only and did not affect the Fund’s financial position nor the results of its operations. Operating segments are components of a public entity that engage in business activities from

20	abrdn Japan Equity Fund, Inc.

Dividend Reinvestment and Optional Cash Purchase Plan (Unaudited)

The Fund intends to distribute to stockholders substantially all of its net investment income and to distribute any net realized capital gains at least annually. Net investment income for this purpose is income other than net realized long-term and short-term capital gains net of expenses. Pursuant to the Dividend Reinvestment and Optional Cash Purchase Plan (the “Plan”), stockholders whose shares of common stock are registered in their own names will be deemed to have elected to have all distributions automatically reinvested by Computershare Trust Company N.A. (the “Plan Agent”) in the Fund shares pursuant to the Plan, unless such stockholders elect to receive distributions in cash. Stockholders who elect to receive distributions in cash will receive such distributions paid by check in U.S. Dollars mailed directly to the stockholder by the Plan Agent, as dividend paying agent. In the case of stockholders such as banks, brokers or nominees that hold shares for others who are beneficial owners, the Plan Agent will administer the Plan on the basis of the number of shares certified from time to time by the stockholders as representing the total amount registered in such stockholders’ names and held for the account of beneficial owners that have not elected to receive distributions in cash. Investors that own shares registered in the name of a bank, broker or other nominee should consult with such nominee as to participation in the Plan through such nominee and may be required to have their shares registered in their own names in order to participate in the Plan. Please note that the Fund does not issue certificates so all shares will be registered in book entry form. The Plan Agent serves as agent for the stockholders in administering the Plan. If the Directors of the Fund declare an income dividend or a capital gains distribution payable either in the Fund’s common stock or in cash, nonparticipants in the Plan will receive cash and participants in the Plan will receive common stock, to be issued by the Fund or purchased by the Plan Agent in the open market, as provided below. If the market price per share (plus expected per share fees) on the valuation date equals or exceeds NAV per share on that date, the Fund will issue new shares to participants at NAV; provided, however, that if the NAV is less than 95% of the market price on the valuation date, then such shares will be issued at 95% of the market price. The valuation date will be the payable date for such distribution or dividend or, if that date is not a trading day on the NYSE, the immediately preceding trading date. If NAV exceeds the market price of Fund shares at such time, or if the Fund should declare an income dividend or capital gains distribution payable only in cash, the Plan Agent will, as agent for the participants, buy Fund shares in the open market, on the NYSE or elsewhere, for the participants’ accounts on, or shortly after, the payment date. If, before the Plan Agent has completed its purchases, the market price exceeds the NAV of the Fund's share, the average per share purchase price paid by the Plan Agent may exceed the NAV of the Fund’s shares, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund on the dividend payment date. Because of

the foregoing difficulty with respect to open-market purchases, the Plan provides that if the Plan Agent is unable to invest the full dividend amount in open-market purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Agent will cease making open-market purchases and will receive the uninvested portion of the dividend amount in newly issued shares at the close of business on the last purchase date.

Participants have the option of making additional cash payments of a minimum of $50 per investment (by check, one-time online bank debit or recurring automatic monthly ACH debit) to the Plan Agent for investment in the Fund’s common stock, with an annual maximum contribution of $250,000. The Plan Agent will wait up to three business days after receipt of a check or electronic funds transfer to ensure it receives good funds. Following confirmation of receipt of good funds, the Plan Agent will use all such funds received from participants to purchase Fund shares in the open market on the 25th day of each month or the next trading day if the 25th is not a trading day.

If the participant sets up recurring automatic monthly ACH debits, funds will be withdrawn from his or her U.S. bank account on the 20th of each month or the next business day if the 20th is not a banking business day and invested on the next investment date. The Plan Agent maintains all stockholder accounts in the Plan and furnishes written confirmations of all transactions in an account, including information needed by stockholders for personal and tax records. Shares in the account of each Plan participant will be held by the Plan Agent in the name of the participant, and each stockholder’s proxy will include those shares purchased pursuant to the Plan. There will be no brokerage charges with respect to common shares issued directly by the Fund. However, each participant will pay a per share fee of $0.02 incurred with respect to the Plan Agent’s open market purchases in connection with the reinvestment of dividends, capital gains distributions and voluntary cash payments made by the participant. Per share fees include any applicable brokerage commissions the Plan Agent is required to pay.

Participants also have the option of selling their shares through the Plan. The Plan supports two types of sales orders. Batch order sales are submitted on each market day and will be grouped with other sale requests to be sold. The price will be the average sale price obtained by Computershare’s broker, net of fees, for each batch order and will be sold generally within 2 business days of the request during regular open market hours. Please note that all written sales requests are always processed by Batch Order. ($10 and $0.12 per share). Market Order sales will sell at the next available trade. The shares are sold real time when they hit the market, however an available trade must be presented to complete this transaction. Market Order sales may only

22	abrdn Japan Equity Fund, Inc.

(b) Not applicable.

Item 2. Code of Ethics.

This item is inapplicable to semi-annual report on Form N-CSR.

Item 3. Audit Committee Financial Expert.

This item is inapplicable to semi-annual report on Form N-CSR.

Item 4. Principal Accountant Fees and Services.

This item is inapplicable to semi-annual report on Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

This item is inapplicable to semi-annual report on Form N-CSR.

Item 6. Schedule of Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of close of the reporting period is included as part of the Report to Shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not applicable.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

This item is inapplicable to semi-annual report on Form N-CSR.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

(a) Not applicable to semi-annual report on Form N-CSR.

(b) There has been no change, as of the date of this filing, in any of the portfolio managers identified in response to paragraph (a)(1) of this Item in the registrant’s most recently filed annual report on Form N-CSR, except as follows:

In March 2025, Chern-Yeh Kwok left Aberdeen and ceased serving as a member of the Fund’s portfolio management team.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Period	(a) Total No. of Shares Purchased		(b) Average Price Paid per Share		(c) Total No. of Shares Purchased as Part of Publicly Announced Plans or Programs(1)		(d) Maximum No. of Shares that May Yet Be Purchased Under the Plans or Programs(1)
Month #1 (Nov. 1, 2024 — Nov. 30, 2024)		—		—		—	1,399,903
Month #2 (Dec. 1, 2024 — Dec. 31, 2024)		—		—		—	1,399,903
Month #3 (Jan. 1, 2025 — Jan. 31, 2025)		—		—		—	1,399,903
Month #4 (Feb. 1, 2025 — Feb. 28, 2025)		—		—		—	1,399,903
Month #5 (Mar. 1, 2025 — Mar. 31, 2025)		—		—		—	1,399,903
Month #6 (Apr. 1, 2025 — Apr. 30, 2025)		—		—		—	1,399,903
Total		—		—		—

(1)

On May 17, 2012, the Board of Trustees approved an open market share repurchase program (the “Program”). The Program allows the Fund to purchase, in the open market, its outstanding common shares, with the amount and timing of any repurchase determined at the discretion of the Fund’s investment adviser. Such purchases may be made opportunistically at certain discounts to NAV per share in the reasonable judgment of management based on historical discount levels and current market conditions. On a quarterly basis, the Fund’s Board will receive information on any transactions made pursuant to this policy during the prior quarter and management will post the number of shares repurchased on the Fund's website on a monthly basis. Under the terms of the Program, the Fund is permitted to repurchase up to 10% of its outstanding shares of common stock in the open market during any 12 month period as of October 31 of the prior year. For the period ended April 30, 2025, the Fund did not repurchase any shares through the Program.

Item 15. Submission of Matters to a Vote of Security Holders.

During the period ended April 30, 2025, there were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors.

Item 16. Controls and Procedures.

(a)

The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d15(b)).

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1)

Not applicable.

(a)(2)

Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not applicable.

(a)(3)

The certifications of the registrant as required by Rule 30a-2(a) under the Act are exhibits to this Form N-CSR.

(a)(4)

Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(a)(5)

Change in Registrant’s independent public accountant. Not applicable.

(b)

The certifications of the registrant as required by Rule 30a-2(b) under the Act are exhibits to this Form N-CSR .

(c)

A copy of the Registrant’s notices to stockholders, which accompanied distributions paid, pursuant to the Registrant’s Managed Distribution Policy since the Registrant’s last filed N-CSR, are filed herewith as Exhibits (c)(1) and (c)(2) as required by the terms of the Registrant’s SEC exemptive order.

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act

Alan Goodson, Principal Executive Officer, and Sharon Ferrari, Principal Financial Officer, of abrdn Japan Equity Fund, Inc. (the “Registrant”), each certify that:

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

For More Information Contact:
abrdn U.S. Closed-End Funds
Investor Relations
1-800-522-5465
Investor.Relations@abrdn.com

(Philadelphia, January 10, 2025) - The abrdn U.S. Closed-End Funds (NYSE: ASGI, HQH, HQL, IFN, JEQ, THQ), (NYSE American: IAF) (the “Funds” or individually the “Fund”), today announced that the Funds paid the distributions noted in the table below on January 10, 2025, on a per share basis to all shareholders of record as of December 30, 2024 (ex-dividend date December 30, 2024). These dates apply to the Funds listed below with the exception of abrdn Healthcare Investors (HQH), abrdn Life Sciences Investors (HQL), abrdn Australia Equity Fund, Inc. (IAF), the India Fund Inc. (IFN) and abrdn Japan Equity Fund, Inc. (JEQ) which paid on January 10, 2025, to all shareholders of record as of November 21, 2024 (ex-dividend date November 21, 2024)

Each Fund has adopted a distribution policy to provide investors with a stable distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital.

For the abrdn Healthcare Investors (HQH), abrdn Life Sciences Investors (HQL), abrdn Australia Equity Fund, Inc. (IAF), the India Fund Inc. (IFN) and abrdn Japan Equity Fund, Inc. (JEQ) the stock distributions were automatically paid in newly issued shares of the Fund unless otherwise instructed by the shareholder to be paid in cash. Shares of common stock were issued at the lower of the net asset value (“NAV”) per share or the market price per share with a floor for the NAV of not less than 95% of the market price on December 17, 2024. The reinvestment prices per share for these distributions were as follows: $16.83 for abrdn Healthcare Investors (HQH); $13.87 for abrdn Life Sciences Investors (HQL); $4.35 for abrdn Australia Equity Fund, Inc. (IAF); $16.8 for the India Fund, Inc. (IFN) and $5.81 for abrdn Japan Equity Fund, Inc. (JEQ). Fractional shares were generally settled in cash, except for registered shareholders with book entry accounts at Computershare Investor Services who had whole and fractional shares added to their account.

To have received the abrdn Healthcare Investors (HQH), abrdn Life Sciences Investors (HQL), abrdn Australia Equity Fund, Inc. (IAF), the India Fund Inc. (IFN) and abrdn Japan Equity Fund, Inc. (JEQ) quarterly distributions payable in January 2025 in cash instead of shares of common stock, for shareholders who hold shares in “street name,” the bank, brokerage or nominee who holds the shares must have advised the Depository Trust Company as to the full and fractional shares for which they want the distribution paid in cash by December 16, 2024; and for shares that are held in registered form, written notification for the election of cash by registered shareholders must have been received by Computershare Investor Services prior to December 16, 2024.

Under applicable U.S. tax rules, the amount and character of distributable income for each Fund’s fiscal year can be finally determined only as of the end of the Fund’s fiscal year. However, under Section 19 of the Investment Company Act of 1940, as amended (the “1940 Act”) and related rules, the Funds may be required to indicate to shareholders the estimated source of certain distributions to shareholders.

The following tables set forth the estimated amounts of the sources of the distributions for purposes of Section 19 of the 1940 Act and the rules adopted thereunder. The tables have been computed based on generally accepted accounting principles. The tables include estimated amounts and percentages for the current distributions paid this month as well as for the cumulative distributions paid relating to fiscal year to date, from the following sources: net investment income; net realized short-term capital gains; net realized long-term capital gains; and return of capital. The estimated compositions of the distributions may vary because the estimated composition may be impacted by future income, expenses and realized gains and losses on securities and currencies.

The Funds’ estimated sources of the current distribution paid this month and for its current fiscal year to date are as follows:

Estimated Amounts of Fiscal Year* to Date Cumulative Distributions per Share

* ASGI, HQH, HQL and THQ have a 9/30 fiscal year end. IAF and JEQ have a 10/31 fiscal year end. IFN has a 12/31 fiscal year end.

Where the estimated amounts above show a portion of the distribution to be a “Return of Capital,” it means that Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example, when some or all the money that you invested in a Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.”

The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax reporting purposes. The final determination of the source of all distributions for the current year will only be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of the fiscal year and may be subject to change based on tax regulations. After the end of each calendar year, a Form 1099-DIV will be sent to shareholders for the prior calendar year that will tell you how to report these distributions for federal income tax purposes.

The following tables provide the Funds’ total return performance based on net asset value (NAV) over various time periods compared to the Funds’ annualized and cumulative distribution rates.

¹ Return data is net of all Fund expenses and fees and assumes the reinvestment of all distributions reinvested at prices obtained under the Fund’s dividend reinvestment plan.

³ The Fund launched within the past 5 years; the performance and distribution rate information presented reflects data from inception (July 29, 2020) through November 30, 2024.

¹ Return data is net of all Fund expenses and fees and assumes the reinvestment of all distributions reinvested at prices obtained under the Fund’s dividend reinvestment plan.

*The Fund’s fiscal period to date is October 1, 202 to October 31, 2024, and there were no distributions in this period.

Shareholders should not draw any conclusions about a Fund’s investment performance from the amount of the Fund’s current distributions or from the terms of the distribution policy (the “Distribution Policy”).

While NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Funds may distribute any long-term capital gains more frequently than the limits provided in Section 19(b) under the 1940 Act and Rule 19b-1 thereunder. Therefore, distributions paid by the Funds during the year may include net income, short-term capital gains, long-term capital gains and/or a return of capital. Net income dividends and short-term capital gain dividends, while generally taxable at ordinary income rates, may be eligible, to the extent of qualified dividend income earned by the Funds, to be taxed at a lower rate not to exceed the maximum rate applicable to your long-term capital gains. Distributions made in any calendar year in excess of investment company taxable income and net capital gain are treated as taxable ordinary dividends to the extent of undistributed earnings and profits, and then as a return of capital that reduces the adjusted basis in the shares held. To the extent return of capital distributions exceed the adjusted basis in the shares held, capital gain is recognized with a holding period based on the period the shares have been held at the date such amount is received.

The payment of distributions in accordance with the Distribution Policy may result in a decrease in the Fund’s net assets. A decrease in the Fund’s net assets may cause an increase in the Fund’s annual operating expense ratio and a decrease in the Fund’s market price per share to the extent the market price correlates closely to the Fund’s net asset value per share. The Distribution Policy may also negatively affect the Fund’s investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the distribution. Each Fund’s Board has the right to amend, suspend or terminate the Distribution Policy at any time. The amendment, suspension or termination of the Distribution Policy may affect the Fund’s market price per share. Investors should consult their tax advisor regarding federal, state, and local tax considerations that may be applicable in their particular circumstances.

Circular 230 disclosure: To ensure compliance with requirements imposed by the U.S. Treasury, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

In the United States, abrdn is the marketing name for the following affiliated, registered investment advisers: abrdn Inc., abrdn Investments Limited, and abrdn Asia Limited.

Closed-end funds are traded on the secondary market through one of the stock exchanges. A Fund’s investment return and principal value will fluctuate so that an investor’s shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund’s portfolio. There is no assurance that a Fund will achieve its investment objective. Past performance does not guarantee future results.

(Philadelphia, March 31, 2025) - The Aberdeen U.S. Closed-End Funds (NYSE: ASGI, HQH, HQL, IFN, JEQ, THQ), (NYSE American: IAF) (the “Funds” or individually the “Fund”), today announced that the Funds paid the distributions noted in the table below on March 31, 2025, on a per share basis to all shareholders of record as of March 25, 2025 (ex-dividend date March 25, 2025). These dates apply to the Funds listed below with the exception of abrdn Healthcare Investors (HQH), abrdn Life Sciences Investors (HQL), abrdn Australia Equity Fund, Inc. (IAF), the India Fund Inc. (IFN) and abrdn Japan Equity Fund, Inc. (JEQ) which paid on March 31, 2025, to all shareholders of record as of February 21, 2025 (ex-dividend date February 21, 2025).

For the abrdn Healthcare Investors (HQH), abrdn Life Sciences Investors (HQL), abrdn Australia Equity Fund, Inc. (IAF), the India Fund Inc. (IFN) and abrdn Japan Equity Fund, Inc. (JEQ) the stock distributions were automatically paid in newly issued shares of the Fund unless otherwise instructed by the shareholder to be paid in cash. Shares of common stock were issued at the lower of the net asset value (“NAV”) per share or the market price per share with a floor for the NAV of not less than 95% of the market price on March 19, 2025. The reinvestment prices per share for these distributions were as follows: $16.63 for abrdn Healthcare Investors (HQH); $12.99 for abrdn Life Sciences Investors (HQL); $4.045 for abrdn Australia Equity Fund, Inc. (IAF); $15.45 for the India Fund, Inc. (IFN) and $6.73 for abrdn Japan Equity Fund, Inc. (JEQ). Fractional shares were generally settled in cash, except for registered shareholders with book entry accounts at Computershare Investor Services who had whole and fractional shares added to their account.

To have received the abrdn Healthcare Investors (HQH), abrdn Life Sciences Investors (HQL), abrdn Australia Equity Fund, Inc. (IAF), the India Fund Inc. (IFN) and abrdn Japan Equity Fund, Inc. (JEQ) quarterly distributions payable in March 2025 in cash instead of shares of common stock, for shareholders who hold shares in “street name,” the bank, brokerage or nominee who holds the shares must have advised the Depository Trust Company as to the full and fractional shares for which they want the distribution paid in cash by March 18, 2025; and for shares that are held in registered form, written notification for the election of cash by registered shareholders must have been received by Computershare Investor Services prior to March 18, 2025.

As announced on March 11, 2025, to avoid potential disruption to the timing of the proposed tender offer, the Board of Directors of JEQ suspended the Fund’s managed distribution policy after payment of this distribution payable.

The Funds’ estimated sources of the current distribution paid this month and for its current fiscal year to date are as follows:

Estimated Amounts of Fiscal Year* to Date Cumulative Distributions per Share

* ASGI, HQH, HQL and THQ have a 9/30 fiscal year end. IAF and JEQ have a 10/31 fiscal year end. IFN has a 12/31 fiscal year end.

The following tables provide the Funds’ total return performance based on net asset value (NAV) over various time periods compared to the Funds’ annualized and cumulative distribution rates.

¹ Return data is net of all Fund expenses and fees and assumes the reinvestment of all distributions reinvested at prices obtained under the Fund’s dividend reinvestment plan.

³ The Fund launched within the past 5 years; the performance and distribution rate information presented reflects data from inception (July 29, 2020) through February 28, 2025.

¹ Return data is net of all Fund expenses and fees and assumes the reinvestment of all distributions reinvested at prices obtained under the Fund’s dividend reinvestment plan.

In the United States, Aberdeen Investments is the marketing name for the following affiliated, registered investment advisers: abrdn Inc., abrdn Investments Limited, and abrdn Asia Limited.

Investment Company Act file number:		811-06142

Exact name of registrant as specified in charter:		abrdn Japan Equity Fund, Inc.

Address of principal executive offices:		1900 Market Street, Suite 200
		Philadelphia, PA 19103

Name and address of agent for service:		Sharon Ferrari
		abrdn Inc.
		1900 Market Street, Suite 200
		Philadelphia, PA 19103

Registrant’s telephone number, including area code:		1-800-522-5465

Date of fiscal year end:		October 31

Date of reporting period:		April 30, 2025

Top Ten Holdings
Mitsubishi UFJ Financial Group, Inc.	6.2%
Sony Group Corp.	4.4%
Pan Pacific International Holdings Corp.	4.0%
Tokio Marine Holdings, Inc.	4.0%
Hitachi Ltd.	4.0%
NEC Corp.	3.5%
Chugai Pharmaceutical Co. Ltd.	3.1%
Nintendo Co. Ltd.	2.6%
Toyota Motor Corp.	2.5%
KDDI Corp.	2.4%

Assets
Investments, at value (cost $93,974,139)	$ 111,512,188
Short-term investment, at value (cost $127,371)	127,371
Foreign currency, at value (cost $397,392)	396,462
Interest and dividends receivable	1,042,727
Tax reclaim receivable	41,959
Prepaid expenses	6
Total assets	113,120,713
Liabilities
Line of credit payable (Note 7)	10,656,198
Investment management fees payable (Note 3)	28,802
Investor relations fees payable (Note 3)	26,795
Interest payable on line of credit	12,335
Administration fees payable (Note 3)	6,227
Other accrued expenses	64,436
Total liabilities	10,794,793

Net Assets	$102,325,920
Composition of Net Assets
Common stock (par value $0.010 per share) (Note 5)	$ 141,460
Paid-in capital in excess of par	89,587,327
Distributable earnings	12,597,133
Net Assets	$102,325,920
Net asset value per share based on 14,145,971 shares issued and outstanding	$7.23

Net Investment Income
Investment Income:
Dividends and other income (net of foreign withholding taxes of $130,506)	$ 1,175,560
Total investment income	1,175,560
Expenses:
Investment management fee (Note 3)	175,783
Directors' fees and expenses	106,493
Administration fee (Note 3)	38,563
Independent auditors’ fees and tax expenses	32,357
Transfer agent’s fees and expenses	27,427
Legal fees and expenses	25,640
Investor relations fees and expenses (Note 3)	24,051
Custodian’s fees and expenses	17,415
Reports to shareholders and proxy solicitation	16,371
NYSE listing fee	12,708
Insurance expense	2,740
Miscellaneous	20,724
Total operating expenses, excluding interest expense	500,272
Interest expense	59,135
Net operating expenses	559,407

Net Investment Income	616,153
Net Realized/Unrealized Gain/(Loss):
Net realized gain/(loss) from:
Investments (Note 2g)	(128,135)
Foreign currency transactions	5,317
	(122,818)
Net change in unrealized appreciation/depreciation on:
Investments (Note 2g)	7,324,391
Foreign currency translation	(576,817)
	6,747,574
Net realized and unrealized gain from investments and foreign currencies	6,624,756
Change in Net Assets Resulting from Operations	$7,240,909

	For the Six-Month Period Ended April 30, 2025 (unaudited)	For the Year Ended October 31, 2024
Increase/(Decrease) in Net Assets:
Operations:
Net investment income	$616,153	$845,347
Net realized gain/(loss) from investments and foreign currency transactions	(122,818)	4,066,589
Net change in unrealized appreciation on investments and foreign currency translations	6,747,574	14,013,960
Net increase in net assets resulting from operations	7,240,909	18,925,896
Distributions to Shareholders From:
Distributable earnings	(3,228,620)	(997,916)
Return of capital	–	(5,224,248)
Net decrease in net assets from distributions	(3,228,620)	(6,222,164)
Issuance of 146,933 and 272,342 shares of common stock, respectively due to stock distribution	914,913	1,601,349
Change in net assets	4,927,202	14,305,081
Net Assets:
Beginning of period	97,398,718	83,093,637
End of period	$102,325,920	$97,398,718

Sectors
Industrials	23.6%
Consumer Discretionary	19.5%
Information Technology	17.7%
Financials	16.6%
Consumer Staples	9.8%
Health Care	7.4%
Communication Services	6.7%
Materials	4.9%
Real Estate	2.8%
Short-Term Investment	0.1%
Liabilities in Excess of Other Assets	(9.1%)
	100.0%

(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 April 30, 2025.
(d)	See accompanying Notes to Financial Statements for tax unrealized appreciation/(depreciation) of securities.

Cash flows from operating activities:
Net increase/(decrease) in net assets resulting from operations	$ 7,240,909
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Investments purchased	(24,917,060)
Investments sold and principal repayments	26,563,627
Net change in short-term investments	(69,353)
Increase in interest, dividends and other receivables	(189,228)
Decrease in prepaid expenses	2,739
Increase in interest payable on line of credit	1,887
Decrease in accrued investment management fees payable	(1,885)
Increase in other accrued expenses	33,043
Net change in unrealized appreciation of investments	(7,324,391)
Net change in unrealized depreciation on foreign currency translation	576,817
Net realized loss on investments transactions	128,135
Net cash provided by operating activities	2,045,240
Cash flows from financing activities:
Distributions paid to shareholders	(2,313,707)
Net cash used in financing activities	(2,313,707)
Effect of exchange rate on cash	982
Net change in cash	(267,485)
Unrestricted and restricted cash and foreign currency, beginning of period	663,947
Unrestricted and restricted cash and foreign currency, end of period	$396,462
Supplemental disclosure of cash flow information:
Cash paid for interest and fees on borrowing	$57,248

(b)	Total investment return based on market value is calculated assuming that shares of the Fund’s common stock were purchased at the closing market price as of the beginning of the period, dividends, capital gains and other distributions were reinvested as provided for in the Fund’s dividend reinvestment plan and then sold at the closing market price per share on the last day of the period. The computation does not reflect any sales commission investors may incur in purchasing or selling shares of the Fund. The total investment return based on the net asset value is similarly computed except that the Fund’s net asset value is substituted for the closing market value.
(c)	Annualized.
(d)	No applicable fee waivers during the fiscal year ended October 31, 2021, 2020.
(e)	Not annualized.
(f)	Asset coverage ratio is calculated by dividing net assets as of each fiscal period end plus the amount of any borrowings for investment purposes outstanding as of each fiscal period end by the amount of any borrowings as of each fiscal period end, and then multiplying by $1,000.

By:	/s/ Alan Goodson
	Alan Goodson,
	Principal Executive Officer of
	abrdn Japan Equity Fund, Inc.

By:	/s/ Sharon Ferrari
	Sharon Ferrari,
	Principal Financial Officer of
	abrdn Japan Equity Fund, Inc.

Ticker	Exchange	Fund	Amount
ASGI	NYSE	abrdn Global Infrastructure Income Fund	$	0.2000
HQH	NYSE	abrdn Healthcare Investors	$	0.6200
HQL	NYSE	abrdn Life Sciences Investors	$	0.5000
IAF	NYSE American	abrdn Australia Equity Fund, Inc.	$	0.1300
IFN	NYSE	The India Fund, Inc.	$	0.9300
JEQ	NYSE	abrdn Japan Equity Fund, Inc.	$	0.1200
THQ	NYSE	abrdn Healthcare Opportunities Fund	$	0.1800

	Distribution		Net Investment				Net Realized				Net Realized
Fund	Amount		Income				Short-Term Gains**				Long-Term Gains				Return of Capital
ASGI	$	0.2000	$	0.0120	6	%		-	-			-	-		$	0.1880	94	%
HQH	$	0.6200		-	-			-	-			-	-		$	0.6200	100	%
HQL	$	0.5000		-	-		$	0.1985	40	%		-	-		$	0.3015	60	%
IAF	$	0.1300	$	0.0117	9	%		-	-		$	0.0104	8	%	$	0.1079	83	%
IFN	$	0.9300		-	-			-	-		$	0.9300	100	%		-	-
JEQ	$	0.1200		-	-			-	-			-	-		$	0.1200	100	%
THQ	$	0.1800		-	-		$	0.0234	13	%		-	-		$	0.1566	87	%

	Distribution		Net Investment				Net Realized				Net Realized
Fund	Amount		Income				Short-Term Gains **				Long-Term Gains				Return of Capital
ASGI	$	0.6200	$	0.0372	6	%		-	-			-	-		$	0.5828	94	%
HQH	$	0.6200		-	-			-	-			-	-		$	0.6200	100	%
HQL	$	0.5000		-	-		$	0.1985	40	%		-	-		$	0.3015	60	%
IAF	$	0.1300	$	0.0117	9	%		-	-		$	0.0104	8	%	$	0.1079	83	%
IFN	$	2.300		-	-			-	-		$	2.3000	100	%		-	-
JEQ	$	0.1200		-	-			-	-			-	-		$	0.1200	100	%
THQ	$	0.5400		-	-		$	0.0702	13	%		-	-			0.4698	87	%

	Average
	Annual Total			Current Fiscal
	Return on NAV			Period’s
	for the 5 Year			Annualized			Cumulative			Cumulative
	Period Ending			Distribution			Total Return			Distribution
Fund	11/30/2024¹			Rate on NAV			on NAV¹			Rate on NAV²
ASGI³		8.79	%³		11.79	%		-1.73	%		2.01	%
THQ		8.82	%		10.05	%		-4.20	%		1.68	%

	Average
	Annual Total		Current Fiscal
	Return on NAV		Period’s
	for the 5 Year		Annualized			Cumulative			Cumulative
	Period Ending		Distribution			Total Return			Distribution
Fund	10/31/2024¹			Rate on NAV			on NAV¹			Rate on NAV²
HQH	7.97	%		N/A	*		-2.31	%		N/A	*
HQL	7.91	%		N/A	*		-1.16	%		N/A	*
IAF	8.58	%		9.36	%		32.38	%		9.36	%
IFN	9.71	%		9.60	%		16.79	%		7.07	%
JEQ	2.99	%		6.47	%		24.10	%		6.47	%