We demonstrate 400 Gbit/s frequency-division-multiplexed and polarization-division-multiplexed 256 QAM-OFDM transmission over 720 km with a spectral efficiency of 14 bit/s/Hz by using high-resolution frequency domain equalization (FDE) and digital back-propagation (DBP) methods. A detailed analytical evaluation of the 256 QAM-OFDM transmission is also provided, which clarifies the influence of quantization error in the digital coherent receiver on the waveform distortion compensation with DBP.