<SEC-DOCUMENT>0001752724-22-297711.txt : 20221229
<SEC-HEADER>0001752724-22-297711.hdr.sgml : 20221229
<ACCEPTANCE-DATETIME>20221229154031
ACCESSION NUMBER:		0001752724-22-297711
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20221031
FILED AS OF DATE:		20221229
DATE AS OF CHANGE:		20221229
PERIOD START:           	20221031

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ABRDN JAPAN EQUITY FUND, INC.
		CENTRAL INDEX KEY:			0000866095
		IRS NUMBER:				223060893
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06142
		FILM NUMBER:		221498755

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

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JAPAN EMERGING EQUITY FUND INC
		DATE OF NAME CHANGE:	19920407
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
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      <regName>ABRDN JAPAN EQUITY FUND, INC.</regName>
      <regFileNumber>811-06142</regFileNumber>
      <regCik>0000866095</regCik>
      <regLei>549300TENE1BGI09O157</regLei>
      <regStreet1>1900 Market Street</regStreet1>
      <regStreet2>Suite 200</regStreet2>
      <regCity>PHILADELPHIA</regCity>
      <regStateConditional regCountry="US" regState="US-PA"/>
      <regZipOrPostalCode>19103</regZipOrPostalCode>
      <regPhone>215-405-5700</regPhone>
      <seriesName>ABRDN JAPAN EQUITY FUND, INC.</seriesName>
      <seriesLei>549300TENE1BGI09O157</seriesLei>
      <repPdEnd>2022-10-31</repPdEnd>
      <repPdDate>2022-10-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
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      <totAssets>95868601.21</totAssets>
      <totLiabs>14570559.28</totLiabs>
      <netAssets>81298041.93</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>14449355.96000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
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      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
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        <monthlyTotReturns>
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        <othMon1 netRealizedGain="-265071.02000000" netUnrealizedAppr="-3953503.45000000"/>
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      <mon2Flow redemption="0.00000000" reinvestment="268765.57000000" sales="0.00000000"/>
      <mon3Flow redemption="0.00000000" reinvestment="0.00000000" sales="0.00000000"/>


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        <name>Chugai Pharmaceutical Co Ltd</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Scroll Corp</name>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Otsuka Corp</name>
        <lei>529900RG9DJ58J3UIE72</lei>
        <title>Otsuka Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3188200004"/>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Asahi Group Holdings Ltd</name>
        <lei>353800KAJ02XNHLCJW79</lei>
        <title>Asahi Group Holdings Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3116000005"/>
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      <invstOrSec>
        <name>Tokyo Century Corp</name>
        <lei>35380096ZLHOF84DXR74</lei>
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          <isin value="JP3424950008"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Olympus Corp</name>
        <lei>5299000Y52IFDI1I2A21</lei>
        <title>Olympus Corp</title>
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          <isin value="JP3201200007"/>
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        <name>Advantest Corp</name>
        <lei>353800EMK32PDKS9XR54</lei>
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          <isin value="JP3122400009"/>
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        <name>ValueCommerce Co Ltd</name>
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        <name>MISUMI Group Inc</name>
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        <name>Milbon Co Ltd</name>
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        <name>Takara Bio Inc</name>
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        <name>As One Corp</name>
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        <name>Welcia Holdings Co Ltd</name>
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        <name>Jeol Ltd</name>
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        <name>Tokyo Electron Ltd</name>
        <lei>549300H5LSF8DP3RIJ34</lei>
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          <isin value="JP3571400005"/>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Ibiden Co Ltd</name>
        <lei>52990051DBFIQEY37C91</lei>
        <title>Ibiden Co Ltd</title>
        <cusip>000000000</cusip>
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          <isin value="JP3148800000"/>
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        <balance>23000.00000000</balance>
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        <valUSD>775268.88000000</valUSD>
        <pctVal>0.953613225602</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kohoku Kogyo Co Ltd</name>
        <lei>N/A</lei>
        <title>Kohoku Kogyo Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3302100007"/>
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        <balance>17200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>906442.35000000</valUSD>
        <pctVal>1.114962093158</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Daikin Industries Ltd</name>
        <lei>549300Y7FWSTSHMW5Y57</lei>
        <title>Daikin Industries Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3481800005"/>
        </identifiers>
        <balance>15200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>2276765.15000000</valUSD>
        <pctVal>2.800516588038</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Daiichi Sankyo Co Ltd</name>
        <lei>353800XGIU2IHQGC9504</lei>
        <title>Daiichi Sankyo Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3475350009"/>
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        <balance>50500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>1616543.38000000</valUSD>
        <pctVal>1.988416131094</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Okinawa Cellular Telephone Co</name>
        <lei>N/A</lei>
        <title>Okinawa Cellular Telephone Co</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3194650002"/>
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        <balance>26600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>503020.90000000</valUSD>
        <pctVal>0.618736796186</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kaga Electronics Co Ltd</name>
        <lei>3538005V2HARHWLTPJ42</lei>
        <title>Kaga Electronics Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3206200002"/>
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        <balance>40000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>1185472.41000000</valUSD>
        <pctVal>1.458180765313</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Direct Marketing MiX Inc</name>
        <lei>N/A</lei>
        <title>Direct Marketing MiX Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3500170000"/>
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        <balance>67900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>767249.05000000</valUSD>
        <pctVal>0.943748498470</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Amada Co Ltd</name>
        <lei>529900QF5O6TQGCPDX85</lei>
        <title>Amada Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3122800000"/>
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        <balance>66100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>464918.97000000</valUSD>
        <pctVal>0.571869824860</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tokyu Fudosan Holdings Corp</name>
        <lei>N/A</lei>
        <title>Tokyu Fudosan Holdings Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3569200003"/>
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        <balance>709300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>3598685.03000000</valUSD>
        <pctVal>4.426533462021</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Resorttrust Inc</name>
        <lei>353800FM9MYWH105SE11</lei>
        <title>Resorttrust Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3974450003"/>
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        <balance>129000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>1985502.08000000</valUSD>
        <pctVal>2.442250800713</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Appier Group Inc</name>
        <lei>N/A</lei>
        <title>Appier Group Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3160960005"/>
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        <balance>72100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>688394.28000000</valUSD>
        <pctVal>0.846753825378</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Suntory Beverage &amp; Food Ltd</name>
        <lei>549300FONLMVK7YYYH41</lei>
        <title>Suntory Beverage &amp; Food Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3336560002"/>
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        <balance>35300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>1181020.73000000</valUSD>
        <pctVal>1.452705012276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHO-BOND Holdings Co Ltd</name>
        <lei>N/A</lei>
        <title>SHO-BOND Holdings Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3360250009"/>
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        <balance>67700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>2928706.40000000</valUSD>
        <pctVal>3.602431658220</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Astellas Pharma Inc</name>
        <lei>529900IB708DY2HBBB35</lei>
        <title>Astellas Pharma Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3942400007"/>
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        <balance>99900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>1378438.35000000</valUSD>
        <pctVal>1.695536961624</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WealthNavi Inc</name>
        <lei>N/A</lei>
        <title>WealthNavi Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3155360005"/>
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        <balance>49800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>463596.26000000</valUSD>
        <pctVal>0.570242836105</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Keyence Corp</name>
        <lei>529900M7PQBS7A89DZ11</lei>
        <title>Keyence Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3236200006"/>
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        <balance>7800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>2941107.33000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Sansan Inc</name>
        <lei>N/A</lei>
        <title>Sansan Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3332540008"/>
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        <balance>55800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>553317.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Takuma Co Ltd</name>
        <lei>N/A</lei>
        <title>Takuma Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3462600002"/>
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        <balance>49300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>409301.38000000</valUSD>
        <pctVal>0.503457857389</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Nomura Research Institute Ltd</name>
        <lei>5299005F1HCVF4M4QN79</lei>
        <title>Nomura Research Institute Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3762800005"/>
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        <balance>55700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>1232651.99000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Recruit Holdings Co Ltd</name>
        <lei>353800R2LRSMVVC4I806</lei>
        <title>Recruit Holdings Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3970300004"/>
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        <balance>38100.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>FANUC Corp</name>
        <lei>529900QTSW745LOKW705</lei>
        <title>FANUC Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3802400006"/>
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        <balance>4900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>641172.92000000</valUSD>
        <pctVal>0.788669572819</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Fukui Computer Holdings Inc</name>
        <lei>N/A</lei>
        <title>Fukui Computer Holdings Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3803800006"/>
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        <balance>28900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>674721.92000000</valUSD>
        <pctVal>0.829936249363</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Shin-Etsu Chemical Co Ltd</name>
        <lei>353800PX8Q64N86H5W41</lei>
        <title>Shin-Etsu Chemical Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3371200001"/>
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        <balance>19100.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>1985061.77000000</valUSD>
        <pctVal>2.441709200953</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>State Street Global Advisors</name>
        <lei>549300BZ5TGIFZUZDZ37</lei>
        <title>State Street Institutional US Government Money Market Fund</title>
        <cusip>857492706</cusip>
        <identifiers>
          <isin value="US8574927062"/>
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        <balance>34561.66000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34561.66000000</valUSD>
        <pctVal>0.042512290800</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nitori Holdings Co Ltd</name>
        <lei>N/A</lei>
        <title>Nitori Holdings Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3756100008"/>
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        <balance>9100.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>824614.74000000</valUSD>
        <pctVal>1.014310702230</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Toyota Motor Corp</name>
        <lei>5493006W3QUS5LMH6R84</lei>
        <title>Toyota Motor Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3633400001"/>
        </identifiers>
        <balance>211900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>2940027.57000000</valUSD>
        <pctVal>3.616357171961</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nippon Paint Holdings Co Ltd</name>
        <lei>529900RYRJUN78A7PL87</lei>
        <title>Nippon Paint Holdings Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3749400002"/>
        </identifiers>
        <balance>240200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>1530799.71000000</valUSD>
        <pctVal>1.882947822185</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kansai Paint Co Ltd</name>
        <lei>549300ERRV6FTKH9NN70</lei>
        <title>Kansai Paint Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3229400001"/>
        </identifiers>
        <balance>67600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>882125.20000000</valUSD>
        <pctVal>1.085050979160</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Japan Exchange Group Inc</name>
        <lei>353800578ADEGIJTVW07</lei>
        <title>Japan Exchange Group Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3183200009"/>
        </identifiers>
        <balance>51100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>671545.07000000</valUSD>
        <pctVal>0.826028590674</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nabtesco Corp</name>
        <lei>529900DVHQXYRTGW7739</lei>
        <title>Nabtesco Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3651210001"/>
        </identifiers>
        <balance>26200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>556498.40000000</valUSD>
        <pctVal>0.684516363234</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEC Networks &amp; System Integration Corp</name>
        <lei>N/A</lei>
        <title>NEC Networks &amp; System Integration Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3733800001"/>
        </identifiers>
        <balance>85000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>910863.29000000</valUSD>
        <pctVal>1.120400034707</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Asahi Intecc Co Ltd</name>
        <lei>353800J3AV2SCNIO8L39</lei>
        <title>Asahi Intecc Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3110650003"/>
        </identifiers>
        <balance>48800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>831314.66000000</valUSD>
        <pctVal>1.022551884725</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nihon M&amp;A Center Holdings Inc</name>
        <lei>N/A</lei>
        <title>Nihon M&amp;A Center Holdings Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3689050007"/>
        </identifiers>
        <balance>97800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>1103555.86000000</valUSD>
        <pctVal>1.357419974456</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hoya Corp</name>
        <lei>353800X4VR3BHEUCJB42</lei>
        <title>Hoya Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3837800006"/>
        </identifiers>
        <balance>14100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>1310754.80000000</valUSD>
        <pctVal>1.612283357486</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Makita Corp</name>
        <lei>529900CDR9E94BCM6294</lei>
        <title>Makita Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3862400003"/>
        </identifiers>
        <balance>9700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>177253.03000000</valUSD>
        <pctVal>0.218028658245</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shiseido Co Ltd</name>
        <lei>5299008QCD0YDT5OF506</lei>
        <title>Shiseido Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3351600006"/>
        </identifiers>
        <balance>15400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>531872.88000000</valUSD>
        <pctVal>0.654225941207</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AGC Inc</name>
        <lei>JE4WFFEELMVPFZ0G1E77</lei>
        <title>AGC Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3112000009"/>
        </identifiers>
        <balance>21600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>676834.96000000</valUSD>
        <pctVal>0.832535377153</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Heiwa Real Estate Co Ltd</name>
        <lei>N/A</lei>
        <title>Heiwa Real Estate Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3834800009"/>
        </identifiers>
        <balance>16300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>451977.40000000</valUSD>
        <pctVal>0.555951151184</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zuken Inc</name>
        <lei>N/A</lei>
        <title>Zuken Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3412000006"/>
        </identifiers>
        <balance>36700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>827258.40000000</valUSD>
        <pctVal>1.017562514866</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Menicon Co Ltd</name>
        <lei>3538000OOSRECSEX2327</lei>
        <title>Menicon Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3921270009"/>
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        <balance>32900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>561733.04000000</valUSD>
        <pctVal>0.690955189897</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Yamaha Corp</name>
        <lei>529900S5TENP3IJS7S02</lei>
        <title>Yamaha Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3942600002"/>
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        <balance>19500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>736207.92000000</valUSD>
        <pctVal>0.905566607168</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ajinomoto Co Inc</name>
        <lei>353800UT0TLROREPIC92</lei>
        <title>Ajinomoto Co Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3119600009"/>
        </identifiers>
        <balance>104300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>2868584.77000000</valUSD>
        <pctVal>3.528479532717</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Koito Manufacturing Co Ltd</name>
        <lei>N/A</lei>
        <title>Koito Manufacturing Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3284600008"/>
        </identifiers>
        <balance>20600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>292454.76000000</valUSD>
        <pctVal>0.359731615986</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Katitas Co Ltd</name>
        <lei>N/A</lei>
        <title>Katitas Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3932950003"/>
        </identifiers>
        <balance>42900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>959999.71000000</valUSD>
        <pctVal>1.180839891355</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shoei Co Ltd</name>
        <lei>N/A</lei>
        <title>Shoei Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3360900009"/>
        </identifiers>
        <balance>40500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>1493576.13000000</valUSD>
        <pctVal>1.837161258183</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KDDI Corp</name>
        <lei>5299003FU7V4I45FU310</lei>
        <title>KDDI Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3496400007"/>
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        <balance>94700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>2799045.04000000</valUSD>
        <pctVal>3.442942749359</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zenkoku Hosho Co Ltd</name>
        <lei>353800VOQEKTSCSL9O03</lei>
        <title>Zenkoku Hosho Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3429250008"/>
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        <balance>32200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>1062499.24000000</valUSD>
        <pctVal>1.306918610555</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Seven &amp; i Holdings Co Ltd</name>
        <lei>52990037G8JRM3TWGY86</lei>
        <title>Seven &amp; i Holdings Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3422950000"/>
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        <balance>31700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>1183308.88000000</valUSD>
        <pctVal>1.455519532707</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Workman Co Ltd</name>
        <lei>N/A</lei>
        <title>Workman Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3990100004"/>
        </identifiers>
        <balance>5600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>191041.69000000</valUSD>
        <pctVal>0.234989288136</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEC Corp</name>
        <lei>5493000QYMPFRTEY4K28</lei>
        <title>NEC Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3733000008"/>
        </identifiers>
        <balance>30800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>1019507.37000000</valUSD>
        <pctVal>1.254036808017</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tokio Marine Holdings Inc</name>
        <lei>5299009QN2NZ191KLS29</lei>
        <title>Tokio Marine Holdings Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3910660004"/>
        </identifiers>
        <balance>285700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>5172643.44000000</valUSD>
        <pctVal>6.362568294638</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Denso Corp</name>
        <lei>549300RYPA10CQM3QK38</lei>
        <title>Denso Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3551500006"/>
        </identifiers>
        <balance>34200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>1696863.84000000</valUSD>
        <pctVal>2.087213664335</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nippon Sanso Holdings Corp</name>
        <lei>353800F1K6653B4VPY57</lei>
        <title>Nippon Sanso Holdings Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3711600001"/>
        </identifiers>
        <balance>69900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="148.69500000"/>
        <valUSD>1112907.60000000</valUSD>
        <pctVal>1.368923006729</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2022-11-15</ncom:dateSigned>
      <ncom:nameOfApplicant>ABRDN JAPAN EQUITY FUND, INC.</ncom:nameOfApplicant>
      <ncom:signature>Sharon Ferrari</ncom:signature>
      <ncom:signerName>Sharon Ferrari</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
