<SEC-DOCUMENT>0001596468-25-000020.txt : 20251114
<SEC-HEADER>0001596468-25-000020.hdr.sgml : 20251114
<ACCEPTANCE-DATETIME>20251114192735
ACCESSION NUMBER:		0001596468-25-000020
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251114
DATE AS OF CHANGE:		20251114

SUBJECT COMPANY:	

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

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-60837
		FILM NUMBER:		251488884

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Almitas Capital LLC
		CENTRAL INDEX KEY:			0001596468
		ORGANIZATION NAME:           	
		EIN:				461753898
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	BUSINESS ADDRESS:	
		STREET 1:		1460 4TH STREET
		STREET 2:		SUITE 300
		CITY:			SANTA MONICA
		STATE:			CA
		ZIP:			90401
		BUSINESS PHONE:		310-573-4343

	MAIL ADDRESS:	
		STREET 1:		1460 4TH STREET
		STREET 2:		SUITE 300
		CITY:			SANTA MONICA
		STATE:			CA
		ZIP:			90401
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001596468</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>09/30/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0000866095</issuerCik>
        <issuerName>ABRDN JAPAN EQUITY FUND, INC.</issuerName>
        <issuerCusip>00306J109</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>1900 MARKET STREET</com:street1>
          <com:street2>SUITE 200</com:street2>
          <com:city>PHILADELPHIA</com:city>
          <com:stateOrCountry>PA</com:stateOrCountry>
          <com:zipCode>19103</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Almitas Capital LLC</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>490174.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>490174.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>490174.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>6.9</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>ABRDN JAPAN EQUITY FUND, INC.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>1900 MARKET STREET, SUITE 200, PHILADELPHIA, PENNSYLVANIA, 19103</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Almitas Capital LLC</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>1460 4th Street, Suite 300 Santa Monica, CA 90401</principalBusinessOfficeOrResidenceAddress>
        <citizenship>See Item 4 of the cover page.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>IA</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>See Item 9 of the cover page.</amountBeneficiallyOwned>
        <classPercent>See Item 11 of the cover page.</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>See Item 5 of the cover page.</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>See Item 6 of the cover page.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>See Item 7 of the cover page.</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>See Item 8 of the cover page.</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
        <classOwnership5PercentOrLess>N</classOwnership5PercentOrLess>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Investment Advisor is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>Almitas Capital LLC</reportingPersonName>
      <signatureDetails>
        <signature>Ronald Mass</signature>
        <title>Managing Principal</title>
        <date>11/14/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
