<SEC-DOCUMENT>0001752724-23-001940.txt : 20230113
<SEC-HEADER>0001752724-23-001940.hdr.sgml : 20230113
<ACCEPTANCE-DATETIME>20230113154949
ACCESSION NUMBER:		0001752724-23-001940
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20221031
FILED AS OF DATE:		20230113
DATE AS OF CHANGE:		20230113
EFFECTIVENESS DATE:		20230113

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:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06142
		FILM NUMBER:		23528606

	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>N-CEN
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/ncen" xmlns:com="http://www.sec.gov/edgar/common">
  <schemaVersion>X0404</schemaVersion>
  <headerData>
    <submissionType>N-CEN</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0000866095</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
        <fileNumber>811-06142</fileNumber>
      </filer>
      <flags>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
        <confirmingCopyFlag>false</confirmingCopyFlag>
      </flags>
      <investmentCompanyType>N-2</investmentCompanyType>
    </filerInfo>
  </headerData>
  <formData>
    <generalInfo reportEndingPeriod="2022-10-31" isReportPeriodLt12="N"/>
    <registrantInfo>
      <registrantFullName>ABRDN JAPAN EQUITY FUND, INC.</registrantFullName>
      <investmentCompFileNo>811-06142</investmentCompFileNo>
      <registrantCik>0000866095</registrantCik>
      <registrantLei>549300TENE1BGI09O157</registrantLei>
      <registrantstreet1>1900 Market Street</registrantstreet1>
      <registrantstreet2>Suite 200</registrantstreet2>
      <registrantcity>PHILADELPHIA</registrantcity>
      <registrantzipCode>19103</registrantzipCode>
      <registrantstate>US-PA</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>215-405-5700</registrantphoneNumber>
      <websites>
        <website webpage="www.abrdnjeq.com"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>State Street Bank and Trust Company</officeName>
          <officeAddress1>1 Lincoln Street</officeAddress1>
          <officeCity>Boston</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-MA"/>
          <officeRecordsZipCode>02111</officeRecordsZipCode>
          <officePhone>617-786-3000</officePhone>
          <booksRecordsDesc>Custody and Accounting Records.</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
      <isRegistrantFirstFiling>N</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <registrantFamilyInvComp isRegistrantFamilyInvComp="Y" familyInvCompFullName="ABERDEENCF"/>
      <registrantClassificationType>N-2</registrantClassificationType>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
      <directors>
        <director>
          <directorName>P. Gerald Malone</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-06342"/>
            <fileNumberInfo fileNumber="811-23490"/>
            <fileNumberInfo fileNumber="811-04611"/>
            <fileNumberInfo fileNumber="811-21901"/>
            <fileNumberInfo fileNumber="811-21980"/>
            <fileNumberInfo fileNumber="811-22485"/>
            <fileNumberInfo fileNumber="811-22132"/>
            <fileNumberInfo fileNumber="811-22016"/>
            <fileNumberInfo fileNumber="811-04438"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Radhika Ajmera</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04611"/>
            <fileNumberInfo fileNumber="811-22132"/>
            <fileNumberInfo fileNumber="811-06342"/>
            <fileNumberInfo fileNumber="811-04438"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Stephen Bird</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-06342"/>
            <fileNumberInfo fileNumber="811-22485"/>
            <fileNumberInfo fileNumber="811-21901"/>
            <fileNumberInfo fileNumber="811-04611"/>
            <fileNumberInfo fileNumber="811-22132"/>
            <fileNumberInfo fileNumber="811-22016"/>
            <fileNumberInfo fileNumber="811-23490"/>
            <fileNumberInfo fileNumber="811-21980"/>
            <fileNumberInfo fileNumber="811-04438"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Anthony Clark</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04893"/>
          </fileNumbers>
        </director>
      </directors>
      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>Joseph Andolina</ccoName>
          <crdNumber>006931174</crdNumber>
          <ccoStreet1>1900 Market Street, Suite 200</ccoStreet1>
          <ccoCity>Philadelphia</ccoCity>
          <ccoStateCountry ccoCountry="US" ccoState="US-PA"/>
          <ccoZipCode>19103</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>N</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerName="N/A" ccoEmployerId="N/A"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <securityMatterSeriesInfo isRegistrantSubmittedMatter="Y">
        <seriesInfo seriesName="N/A" seriesId="N/A"/>
      </securityMatterSeriesInfo>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <releaseNumbers isExemptionFromAct="Y">
        <releaseNumberInfo releaseNumber="IC-29195"/>
      </releaseNumbers>
      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
      <publicAccountants>
        <publicAccountant>
          <publicAccountantName>KPMG LLP</publicAccountantName>
          <pcaobNumber>185</pcaobNumber>
          <publicAccountantLei>5493003PVCIGA21K0K42</publicAccountantLei>
          <publicAccountantStateCountry publicAccountantCountry="US" publicAccountantState="US-PA"/>
        </publicAccountant>
      </publicAccountants>
      <isPublicAccountantChanged>N</isPublicAccountantChanged>
      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <isPaymentErrorInNetAssetValue>N</isPaymentErrorInNetAssetValue>
      <paymentDividendSeries isPaymentDividend="Y">
        <seriesInfo seriesName="N/A" seriesId="N/A"/>
      </paymentDividendSeries>
    </registrantInfo>
    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>ABRDN JAPAN EQUITY FUND, INC.</mgmtInvFundName>
        <mgmtInvLei>549300TENE1BGI09O157</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>0</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <fundTypes>
          <fundType>Inverse of a benchmark</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>ABRDN Asia Limited</investmentAdviserName>
            <investmentAdviserFileNo>801-62020</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000124509</investmentAdviserCrdNo>
            <investmentAdviserLei>549300FVV8VHKPMMRT38</investmentAdviserLei>
            <investmentAdviserCountry>SG</investmentAdviserCountry>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Computershare Trust Company, National Association</transferAgentName>
            <transferAgentFileNo>85-11340</transferAgentFileNo>
            <transferAgentLei>2549001YYB62BVMSAO13</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>PricingDirect Inc.</pricingServiceName>
            <pricingServiceLei>549300WIC0TOJ7N7GD54</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg L.P.</pricingServiceName>
            <pricingServiceLei>549300B56MD0ZC402L06</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Services, Inc.</pricingServiceName>
            <pricingServiceLei>13-3668779</pricingServiceLei>
            <pricingServiceIdNumberDesc>Tax ID</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Refinitiv US Holdings Inc.</pricingServiceName>
            <pricingServiceLei>549300NF240HXJO7N016</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>IHS Markit Ltd.</pricingServiceName>
            <pricingServiceLei>549300HLPTRASHS0E726</pricingServiceLei>
            <pricingServiceCountry>GB</pricingServiceCountry>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>State Street Bank and Trust Company</custodianName>
            <custodianLei>571474TGEMMWANRLN572</custodianLei>
            <custodianStateCountry custodianState="US-MA" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited (Chuo ku, Tokyo, JP, Branch)</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Computershare Trust Company, National Association</shareholderServiceAgentName>
            <shareholderServiceAgentLei>2549001YYB62BVMSAO13</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-MA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>abrdn Inc.</adminName>
            <adminLei>549300RU316J568TLL50</adminLei>
            <adminStateCountry adminState="US-PA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>ALPS Distributors, Inc.</brokerDealerName>
            <brokerDealerFileNo>N/A</brokerDealerFileNo>
            <brokerDealerCrdNo>000016853</brokerDealerCrdNo>
            <brokerDealerLei>0000000000</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-CO" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Aberdeen Fund Distributors, LLC</brokerDealerName>
            <brokerDealerFileNo>8-67799</brokerDealerFileNo>
            <brokerDealerCrdNo>000146230</brokerDealerCrdNo>
            <brokerDealerLei>2138007O8Z7FY13LG555</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-PA" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>BofA Securities, Inc.</brokerName>
            <brokerFileNo>8-69787</brokerFileNo>
            <brokerCrdNo>000283942</brokerCrdNo>
            <brokerLei>549300HN4UKV1E2R3U73</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3268.66000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Suisse Securities (USA) LLC</brokerName>
            <brokerFileNo>8-422</brokerFileNo>
            <brokerCrdNo>000000816</brokerCrdNo>
            <brokerLei>1V8Y6QCX6YMJ2OELII46</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3265.64000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BNP Paribas Securities Corp.</brokerName>
            <brokerFileNo>8-32682</brokerFileNo>
            <brokerCrdNo>000015794</brokerCrdNo>
            <brokerLei>RCNB6OTYUAMMP879YW96</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>634.83000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Macquarie Capital (USA) Inc.</brokerName>
            <brokerFileNo>8-47198</brokerFileNo>
            <brokerCrdNo>000036368</brokerCrdNo>
            <brokerLei>549300670K07JRB5UQ40</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2074.25000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1933.07000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>6902.67000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Instinet, LLC</brokerName>
            <brokerFileNo>8-23669</brokerFileNo>
            <brokerCrdNo>000007897</brokerCrdNo>
            <brokerLei>549300MGMN3RKMU8FT57</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>479.43000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Daiwa Capital Markets America Inc.</brokerName>
            <brokerFileNo>8-12242</brokerFileNo>
            <brokerCrdNo>000001576</brokerCrdNo>
            <brokerLei>M67H5PRC0NQKM73ZAS82</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2822.51000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CLSA Americas, LLC</brokerName>
            <brokerFileNo>8-69166</brokerFileNo>
            <brokerCrdNo>000165533</brokerCrdNo>
            <brokerLei>213800M2DXATWY7JMS07</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1399.34000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Mizuho Securities USA LLC</brokerName>
            <brokerFileNo>8-37710</brokerFileNo>
            <brokerCrdNo>000019647</brokerCrdNo>
            <brokerLei>7TK5RJIZDFROZCA6XF66</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>994.60000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>24022.61000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>State Street Bank and Trust Company</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>571474TGEMMWANRLN572</principalLei>
            <principalStateCountry principalState="US-MA" principalCountry="US"/>
            <principalTotalPurchaseSale>37499611.90000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Credit Suisse Securities (USA) LLC</principalName>
            <principalFileNo>8-422</principalFileNo>
            <principalCrdNo>000000816</principalCrdNo>
            <principalLei>1V8Y6QCX6YMJ2OELII46</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>616152.73000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>38115764.63000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>103681324.59461538</mnthlyAvgNetAssets>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <closedEndManagementInvestment>
      <securityRelatedItems>
        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>ABRDN JAPAN EQUITY FUND, INC.</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="XNYS" commonStockTickerSymbol="JEQ"/>
          </commonStocks>
        </securityRelatedItem>
      </securityRelatedItems>
      <isRightsOffering>N</isRightsOffering>
      <isSecondaryOffering>N</isSecondaryOffering>
      <isRepurchaseSecurity>N</isRepurchaseSecurity>
      <isDefaultLongTermDebt>N</isDefaultLongTermDebt>
      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>N</isSecuritiesModified>
      <managementFee>0.43000000</managementFee>
      <netOperatingExpenses>1.08000000</netOperatingExpenses>
      <marketPricePerShare>5.29000000</marketPricePerShare>
      <netAssetValuePerShare>6.02000000</netAssetValuePerShare>
    </closedEndManagementInvestment>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
      <isMaterialAmendments>true</isMaterialAmendments>
      <isInfoItem405>true</isInfoItem405>
    </attachmentsTab>
    <signature registrantSignedName="ABRDN JAPAN EQUITY FUND, INC." signedDate="2023-01-13" signature="Sharon Ferrari" title="Senior Manager"/>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ITEM 405 REG S-K
<SEQUENCE>2
<FILENAME>NCEN_811-06142_99469394_1022.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>jeqitemg1biv-delinquentsecti.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:115%;">Item
G.1.b.iv.&#160; Information called for by Item 405 of Regulation S-K:</font></b></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Delinquent
Section&nbsp;16(a) Reports</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Section 16(a) of
the 1934 Act and Section 30(h) of the 1940 Act, as applied to the Fund, require
the Fund's officers and Directors, certain officers and directors of the
investment advisers, affiliates of the investment advisers, and persons who
beneficially own more than 10% of the Fund's outstanding securities
(collectively, the &#8220;Reporting Persons&#8221;) to electronically file reports of
ownership of the Fund's securities and changes in such ownership with the SEC
and the NYSE.</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Based solely on
the Fund&#8217;s review of such forms filed on EDGAR or written representations from Reporting
Persons that all reportable transactions were reported, to the knowledge of the
Fund, during the fiscal period ended October 31, 2022, the Fund&#8217;s Reporting
Persons timely filed all reports they were required to file under Section
16(a), except that: (i) Robert Hepp and Andrew Kim each filed a late Form 3
filing following their respective appointments as Vice Presidents of the Fund; and
(ii) </font><font face="times new roman" lang=EN-GB style="font-size:10.0pt;line-height:normal;">Ai
Hua Aik filed a late Form 3 filing following her appointment as a director of
the Fund&#8217;s investment manager.</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>




</DIV>
</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>3
<FILENAME>NCEN_811-06142_98079234_1022.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>jeqitemg1bimaterialamendment.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="background:white;margin:0in;"><b><font color=black face="times new roman" lang=EN-US style="font-size:11.0pt;text-autospace:ideograph-numeric ideograph-other;">Item G.1.b.i.&nbsp; material amendments to organizational
documents.</font></b></p>

<p style="background:white;margin:0in;margin-top:.55pt;"><font color=black face="times new roman" lang=EN-US style="font-size:11.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:26.2pt;margin-right:27.2pt;margin-top:4.5pt;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:14.0pt;text-autospace:ideograph-numeric ideograph-other;">ARTICLES OF AMENDMENT</font></b></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:26.2pt;margin-right:27.1pt;margin-top:8.05pt;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-GB style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">for a</font></b></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:26.2pt;margin-right:0in;margin-top:3.1pt;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:14.0pt;text-autospace:ideograph-numeric ideograph-other;">MARYLAND&nbsp;</font></b><b><u><font color=black face=Arial,sans-serif lang=EN-US style="font-size:14.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;</font></u></b><b><u><font color=black face=Arial,sans-serif lang=EN-US style="font-size:14.0pt;letter-spacing:1.65pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></u></b><u><font color=black face=Arial,sans-serif lang=EN-US style="font-size:19.0pt;text-autospace:ideograph-numeric ideograph-other;">STOCK&nbsp;&nbsp;&nbsp;&nbsp;</font></u><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:14.0pt;text-autospace:ideograph-numeric ideograph-other;">CORPORATION</font></b></p>

<p style="background:white;margin:0in;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>

<p style="background:white;margin:0in;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>

<p align=center style="background:white;margin:0in;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;text-autospace:ideograph-numeric ideograph-other;">(1)</font></b></p>

<p style="background:white;margin:0in;margin-left:.1in;"><b><font color=black face=Arial,sans-serif lang=EN-GB style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">(2)</font></b><b><font color=black face="times new roman" lang=EN-GB style="font-size:18.0pt;text-autospace:ideograph-numeric ideograph-other;"> </font></b><u><font color=black face=Arial,sans-serif lang=EN-US style="font-size:18.5pt;text-autospace:ideograph-numeric ideograph-other;">Aberdeen Japan Equity Fund, Inc.</font></u></p>

<p style="background:white;margin:0in;margin-left:522.75pt;"><b><font color=black face=Arial,sans-serif lang=EN-GB style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">,</font></b></p>

<p style="background:white;margin:0in;margin-left:3.7pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">a
Maryland corporation, certifies to the State Department of Assessments and
Taxation of Maryland that the charter</font><font color=black face="times new roman" lang=EN-US style="font-size:13.5pt;text-autospace:ideograph-numeric ideograph-other;"> </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">of the corporation shall be and hereby is
amended as follows:</font></p>

<p style="background:white;margin:0in;margin-top:.5pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:5.5pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.1in;margin-right:0in;margin-top:4.7pt;"><b><font color=black face=Arial,sans-serif lang=EN-GB style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">(3)</font></b></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:23.75pt;margin-right:127.3pt;margin-top:3.25pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;text-autospace:ideograph-numeric ideograph-other;">The
name of the entity has been amended to: </font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:23.75pt;margin-right:127.3pt;margin-top:3.25pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;text-autospace:ideograph-numeric ideograph-other;">abrdn
Japan Equity Fund, Inc.</font></p>

<p style="background:white;margin:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p style="background:white;margin:0in;"><font color=black face=Arial,sans-serif lang=EN-GB style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The Articles of Amendment shall
be effective at 12:01 a.m. on June 30, 2022</font></p>

<p style="background:white;margin:0in;"><font color=black face="times new roman" lang=EN-GB style="font-size:13.5pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.65pt;margin-right:0in;margin-top:4.7pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">This amendment of the charter of the
corporation has been approved by</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:8.0pt;margin-right:0in;margin-top:9.15pt;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">(4)</font></b><u><font color=black face=Arial,sans-serif lang=EN-GB style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">a majority of the entire Board
of Directors of the Corporation and is limited to a change expressly</font></u><b><u><font color=black face="times new roman" lang=EN-GB style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;"> </font></u></b><u><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">authorized
by Section 2-605 of the Maryland General Corporation Law to be made without
action by the stockholders</font></u><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">.</font></p>

<p style="background:white;margin:0in;margin-top:.1pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:6.5pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p style="background:white;margin:0in;margin-left:23.45pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:1.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:5.95pt;margin-right:0pt;margin-top:2.8pt;text-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font color=black face=Arial,sans-serif lang=EN-GB style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The undersigned acknowledges
that this is an act of the above named corporation, and verifies, under the
penalties for perjury, that the matters and facts stated herein, which require
such verification, are true and accurate, to the best of his/her knowledge,
information, and belief.</font></p>

<p style="background:white;margin:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p style="background:white;margin:0in;margin-top:.55pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p style="background:white;margin:0in;margin-left:6.0pt;"><b><font color=black face=Arial,sans-serif lang=EN-GB style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">(5)</font></b><b><u><font color=black face=Arial,sans-serif lang=EN-GB style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;/s/ Megan
Kennedy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></b><b><font color=black face=Arial,sans-serif lang=EN-GB style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (5)&nbsp;</font></b><b><font color=black face=Arial,sans-serif lang=EN-GB style="font-size:10.0pt;letter-spacing:.15pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b><b><u><font color=black face=Arial,sans-serif lang=EN-GB style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;/s/ Robert
Hepp&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></b></p>

<p style="background:white;margin:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;text-autospace:ideograph-numeric ideograph-other;">ATTESTED TO BY (signature/title)&nbsp;Megan
Kennedy, Sec. SIGNED BY (signature/title) Robert Hepp, VP</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:24.0pt;margin-right:0in;margin-top:7.65pt;text-indent:-18.05pt;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;text-autospace:ideograph-numeric ideograph-other;">(6)</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;</font></b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Return address of filing</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:.7pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">party:</font></p>

<p style="margin:0in;"><font face="times new roman" lang=EN-GB style="font-size:12.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p style="background:white;margin:0in;margin-top:.05pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;text-autospace:ideograph-numeric ideograph-other;">C/O CSC-LAWYERS
INCORPORATING</font></p>

<p style="background:white;margin:0in;margin-top:.05pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;text-autospace:ideograph-numeric ideograph-other;">SERVICE COMPANY</font></p>

<p style="background:white;margin:0in;margin-left:23.6pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:1.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p style="background:white;margin:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p style="background:white;margin:0in;margin-top:.45pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;text-autospace:ideograph-numeric ideograph-other;">7 SAINT PAUL ST.,
STE 820, BALTIMORE, MD 21202</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>




</DIV>
</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>4
<FILENAME>NCEN_811-06142_32877906_1022.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>u_jeq1.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-left:5.85pt;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-top:.35pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:113.35pt;margin-right:112.5pt;margin-top:4.65pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Report of Independent Registered Public Accounting
Firm</font></b></p>

<p style="margin:0in;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:303.65pt;margin-top:7.9pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">To the
Shareholders and Board of Directors abrdn Japan Equity Fund, Inc.:</font></p>

<p style="margin:0in;margin-top:.25pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:9.55pt;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">In planning and
performing our audit of the financial statements of abrdn Japan Equity Fund,
Inc. (formerly, Aberdeen Japan Equity Fund, Inc.) (the Fund) as of and for the
year ended October 31, 2022, in accordance with the standards of the Public
Company Accounting Oversight Board (United States), we considered the Fund's
internal control over financial reporting, including controls over safeguarding
securities, as a basis for designing our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-CEN, but not for the purpose of expressing an opinion on
the effectiveness of the Fund's internal control over financial reporting.
Accordingly, we express no such opinion.</font></p>

<p style="margin:0in;margin-top:.05pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:6.2pt;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">Management of the
Fund is responsible for establishing and maintaining effective internal control
over financial reporting. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of controls. A company's internal control over financial
reporting is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting
principles. A company's internal control over financial reporting includes
those policies and procedures that (1) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions and</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">dispositions</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">of</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">the</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">assets</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">of</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">the</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.25pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">company;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">(2)</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">provide</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">reasonable</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">assurance</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">that</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">transactions</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">are</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">recorded as
necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of
the company are being made only in accordance with authorizations of management
and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition
of the company's assets that could have a material effect on the financial</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">statements.</font></p>

<p style="margin:0in;margin-top:.15pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-left:5.9pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">Because of its
inherent limitations, internal control over financial reporting may not prevent
or detect misstatements. Also, projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.</font></p>

<p style="margin:0in;margin-top:.35pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:6.8pt;margin-top:.05pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">A deficiency in
internal control over financial reporting exists when the design or operation
of a control does not allow management or employees, in the normal course of
performing their assigned functions, to prevent or detect misstatements on a
timely basis. A material weakness is a deficiency, or a combination of deficiencies,
in internal control over financial reporting, such that there is a reasonable
possibility that a material misstatement of the company&#8217;s annual or interim
financial statements will not be prevented or detected on a timely basis.</font></p>

<p style="margin:0in;margin-top:.55pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:6.55pt;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">Our consideration
of the Fund's internal control over financial reporting was for the limited
purpose described in the first paragraph and would not necessarily disclose all
deficiencies in internal control that might be material weaknesses under
standards established by the Public Company Accounting Oversight Board (United
States). However, we noted no deficiencies in the Fund's internal control over
financial reporting and its operation, including controls over safeguarding
securities, that we consider to be a material weakness as defined above as of
October 31, 2022.</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:13.0pt;">&nbsp;</font></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-left:5.85pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-top:.05pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:13.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:9.55pt;margin-top:4.65pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">This report is
intended solely for the information and use of the management and the Board of
Directors of abrdn Japan Equity Fund, Inc. and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other
than these specified parties.</font></p>

<p align=center style="margin:0in;margin-top:.5pt;text-align:center;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-top:.5pt;text-indent:5.9pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">/s/ KPMG LLP</font></p>

<p style="margin:0in;margin-top:.45pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:377.55pt;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">Philadelphia,
Pennsylvania</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:377.55pt;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:377.55pt;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">December 29, 2022</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-top:.35pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;">&nbsp;</font></p>


</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_3"></a><a name="_bclPageBorder3"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:1.05pt;margin-right:0in;margin-top:4.65pt;text-align:center;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">2</font></p>




</DIV>
</BODY>

</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
