Interim Management Statement

FIDELITY JAPANESE VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER         
ENDED 31 MARCH 2008                                                                 
                                                                                    
Objective                                                                           
                                                                                    
To achieve long-tem capital growth from an actively managed portfolio of            
securities primarily of small and medium-sized Japanese companies listed or         
traded on the Japanese stock markets.                                               
                                                                                    
Benchmark                                                                           
                                                                                    
Russell Nomura Mid/Small Cap Index                                                  
                                                                                    
Review of Period (total return)                                                     
                                                                                    
During the period:                                                                  
                                                                                    
- the NAV decreased by 13.0% (debt at par) and 12.7% (debt at market value)         
against a 6.5 % decrease for the benchmark.                                         
                                                                                    
- the share price decreased by 19.7 %. The Board and Managers continue to           
believe that investment in equities will produce positive returns for               
shareholders over the long term                                                     
                                                                                    
- three repurchases of shares for cancellation totalling 1.2 m shares               
                                                                                    
Since the quarter end: one further repurchase of 250,000 shares has taken place     
                                                                                    
Details of the Company's portfolio are shown below.                                 
                                                                                    
Material Events                                                                     
                                                                                    
Annual results published and annual report sent to shareholders                     
                                                                                    
(for the year ended 31 December 2007)                                               
                                                                                    
Additional Information                                                              
                                                                                    
Details of the Company            Dealing Information                               
                                                                                    
Fund Manager: Shinji Higaki       Listed:     London Stock Exchange                 
                                                                                    
Enquiries:    08457 100 456       Broker:     Dresdner Kleinwort                    
                                                                                    
WWW Address:  http:/              Price       Financial Times                       
              www.fidelity.co.uk  Quoted:                                           
                                              The Times                             
                                                                                    
                                              The Daily Telegraph                   
                                                                                    
                                              The Independent                       
                                                                                    
Launch Date:  15 March 1994       Reuters     FJV.L                                 
                                  Code:                                             
                                                                                    
Ordinary      95,827,453          SEAQ Code:  51054                                 
Shares In                                                                           
Issue:                                                                              
                                                                                    
Share price   19.0%               ISIN:       GB0003328555                          
discount to                                                                         
Undiluted                                                                           
NAV:                                                                                
                                                                                    
Total Assets: £71.6 m                                                               
                                                                                    
Loan:         £16.0 m                                                               
                                                                                    
Total Net     £55.6 m                                                               
Assets:                                                                             
                                                                                    
Gross Gearing 28.9%                                                                 
:                                                                                   
                                                                                    
Net Gearing:  17.6%                                                                 
                                                                                    
                             Portfolio Breakdowns                                   
                                                                                    
Sector        As at 31 March 2008 As at 31    Largest 10  As at 31 March As at 31   
Analysis (%                       December    Holdings (% 2008           December   
total assets)                     2007        total                      2007       
                                              assets)                               
                                                                                    
Chemicals     14.0                16.8        Nippon      3.9            3.2        
                                              Electric                              
                                              Glass                                 
                                                                                    
Cash          9.9                 1.0         Mitsui      2.8            2.8        
                                                                                    
Electrical    9.4                 12.5        Mitsubishi  2.6            2.1        
Machinery                                                                           
                                                                                    
Wholesale     9.1                 8.5         Asahi Glass 2.5            2.0        
Trade                                                                               
                                                                                    
Glass &       8.1                 8.0         Daicel      2.3            2.2        
Ceramics                                      Chemical                              
                                              Industries                            
                                                                                    
Services      6.6                 4.4         Hitachi     2.2            3.3        
                                              Chemical                              
                                                                                    
Information & 5.4                 4.4         Tamron *    1.9            -          
Communication                                                                       
                                                                                    
Retail Trade  5.1                 7.3         Idemitsu    1.8            -          
                                              Kosan *                               
                                                                                    
Precision     4.3                 -           JSR         1.7            1.8        
Instruments                                                                         
                                                                                    
Other         28.1                31.5        Nikon       1.5            -          
                                                                                    
Machinery     -                   5.6         Ube         -              2.0        
                                              Industries                            
                                              **                                    
                                                                                    
Total         100                 100         Kawasaki    -              2.0        
                                              Kisen                                 
                                              Kaisha **                             
                                                                                    
                                              Hitachi     -              1.8        
                                              Metals **                             
                                                                                    
                                              * Not in top 10 at 31 December 2007   
                                                                                    
                                              ** No longer in top 10 at 31 March    
                                              2008                                  
                                                                                    
                      Performance Record (total return %)                           
                                                                                    
              Value at 31 March   Quarter to  Quarter to  1 Year 3 Years 5 Years to 
              2008 (p)            31 December 31 March    to 31  to 31   31 March   
                                  2007        2008        March  March   2008       
                                                          2008   2008               
                                                                                    
NAV (debt at  57.99               -9.3           -13.0    -26.8   -25.1    + 44.9   
par)                                                                                
                                                                                    
NAV (debt at  58.03               -9.4           -12.7    -26.6   -24.6       -     
market value)                                                                       
                                                                                    
Ordinary      47.00               -8.9           -19.7    -35.8   -34.3    + 46.9   
Share price                                                                         
                                                                                    
Benchmark                         -7.4           -6.5     -16.6   -3.0     + 50.1   
Index                                                                               
                                                                                    

                   Standardised Performance (total return %)                   
                                                                               
               31/03/2003   31/03/2004   31/03/2005   31/03/2006   31/03/2007  
                                                                               
               31/03/2004   31/03/2005   31/03/2006   31/03/2007   31/03/2008  
                                                                               
NAV            86.5         3.8          58.4         -35.4        -26.8       
                                                                               
Ordinary Share 109.4        6.7          65.4         -38.1        -35.8       
price                                                                          
                                                                               

Mrs Tracey Cousins

Senior Company Secretary

For and on behalf of Fidelity Investments International, Company Secretary

01737 836883

2 May 2008

Past performance is not a guide to future returns. The value of investments can
go down as well as up. For funds that invest in overseas markets, changes in
currency exchange rates may affect the value of an investment. Investments in
small and emerging markets can be more volatile than other more developed
markets. Source of performance: Fidelity and Datastream as at 31 March 2008.
Basis: bid-bid with net income reinvested. Fidelity only gives information
about its own products and services and does not provide investment advice
based on individual circumstances. Fidelity Investment Trusts are managed by
Fidelity Investments International. Fidelity, Fidelity International and
Pyramid Logo are trademarks of FIL Limited. Issued by Fidelity Investments
International, authorised and regulated in the UK by the Financial Services
Authority.

CB32662/NA