| Item 1. | |
| (a) | Name of issuer:
ABRDN JAPAN EQUITY FUND, INC. |
| (b) | Address of issuer's principal executive offices:
1900 Market Street, Suite 200, Philadelphia, PENNSYLVANIA, 19103. |
| Item 2. | |
| (a) | Name of person filing:
This statement is filed by: (i) The Quarry LP (the ?Investment Manager?), a Delaware limited partnership and the investment adviser to TQ Master Fund LP (the ?Quarry Fund?), with respect to the shares of common stock, par value $0.01 per share (the "Common Stock") of abrdn Japan Equity Fund, Inc directly held by the Quarry Fund; and (ii) and Peter Bremberg, the managing member of The Quarry LLC, the general partner of the Investment Manager, with respect to the Common Stock directly held by the Quarry Fund.
The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons."
The filing of this statement should not be construed as an admission that any of the foregoing persons or any Reporting Person is, for the purposes of Section 13 of the Act, the beneficial owner of the Common Stock reported herein.
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| (b) | Address or principal business office or, if none, residence:
The Quarry LP
331 Park Avenue South
3rd Floor
New York, NY 10010
Peter Bremberg
c/o The Quarry LP
331 Park Avenue South
3rd Floor
New York, NY 10010
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| (c) | Citizenship:
For citizenship of the Reporting Persons, see Item 4 of the cover sheet for each Reporting Person. |
| (d) | Title of class of securities:
Common Stock, par value $0.01 per share |
| (e) | CUSIP No.:
00306J109 |
| Item 3. | If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: |
| (a) |  Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
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| (b) | Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
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| (c) | Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
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| (d) | Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
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| (e) |  An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
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| (f) | An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
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| (g) | A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
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| (h) | A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
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| (i) | A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
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| (j) | A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
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| (k) | Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
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| Item 4. | Ownership |
| (a) | Amount beneficially owned:
See Item 9 of the cover page for each Reporting Person. |
| (b) | Percent of class:
See Item 11 of the cover page for each Reporting Person. |
| (c) | Number of shares as to which the person has:
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| | (i) Sole power to vote or to direct the vote:
See Item 5 of the cover page for each Reporting Person.
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| | (ii) Shared power to vote or to direct the vote:
See Item 6 of the cover page for each Reporting Person.
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| | (iii) Sole power to dispose or to direct the disposition of:
See Item 7 of the cover page for each Reporting Person.
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| | (iv) Shared power to dispose or to direct the disposition of:
See Item 8 of the cover page for each Reporting Person.
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| Item 5. | Ownership of 5 Percent or Less of a Class. |
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Ownership of 5 percent or less of a class
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| Item 6. | Ownership of more than 5 Percent on Behalf of Another Person. |
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If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
See Item 2. As of September 30, 2025, the Quarry Fund had the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, more than 5% the Common Stock reported herein. As of the date hereof, not applicable. |
| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. |
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Not Applicable
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| Item 8. | Identification and Classification of Members of the Group. |
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Not Applicable
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| Item 9. | Notice of Dissolution of Group. |
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Not Applicable
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