Interim Management Statement

FIDELITY JAPANESE VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER        
ENDED 31 MARCH 2009                                                                
                                                                                   
Objective                                                                          
                                                                                   
To achieve long-term 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 15.5% (debt at par) and 15.4% (debt at market value)        
against a 15.3% decrease for the benchmark.                                        
                                                                                   
- the share price decreased by 20.4%                                               
                                                                                   
- cash has been lodged with the bank to comply with the loan covenants. The        
Board and Managers continue to believe that investment in equities will produce    
strong returns for shareholders over the long term.                                
                                                                                   
- there were no share repurchases for cancellation during the period and none      
have taken place since the quarter end.                                            
                                                                                   
- Details of the Company's portfolio are shown below                               
                                                                                   
Material Events                                                                    
                                                                                   
Publication of annual report and financial statements for the year ended 31        
December 2008. Annual General meeting was held on 14th May 2009.                   
                                                                                   
Additional Information                                                             
                                                                                   
Details of the Company               Dealing Information                           
                                                                                   
Fund Manager:    Shinji Higaki       Listed:         London Stock Exchange         
                                                                                   
Enquiries:       08457 100 456       Broker:         Collins Stewart               
                                                                                   
WWW Address:     http:/              Price Quoted:   Financial Times               
                 www.fidelity.co.uk                                                
                                                     The Times                     
                                                                                   
                                                     The Daily Telegraph           
                                                                                   
                                                     The Independent               
                                                                                   
Launch Date:     15 March 1994       Reuters Code:   FJV.L                         
                                                                                   
Ordinary Shares  95,577,453          SEAQ Code:      51054                         
In Issue:                                                                          
                                                                                   
Share price      26.6%               ISIN:           GB0003328555                  
discount to                                                                        
Undiluted NAV:                                                                     
                                                                                   
Total Assets:    £65.7 m                                                           
                                                                                   
Loan:            £22.4 m                                                           
                                                                                   
Total Net        £43.3 m                                                           
Assets:                                                                            
                                                                                   
Gross Gearing :  51.8%                                                             
                                                                                   
Net Gearing:     30.1%                                                             
                                                                                   
                             Portfolio Breakdowns                                  
                                                                                   
Sector Analysis As at 31     As at 31    Largest 10     As at 31 March  As at 31   
(% total        March 2009   December    Holdings (%    2009            December   
assets)                      2008        total assets)                  2008       
                                                                                   
Cash            13.4         13.6        Zappallas      2.1             1.6        
                                                                                   
Electrical      10.5         6.3         Nichiiko       1.9             -          
Machinery                                Pharmaceutical                            
                                         *                                         
                                                                                   
Chemicals       9.2          8.1         EPS *          1.9             -          
                                                                                   
Services        7.9          10.6        Tsumura & Co   1.8             1.8        
                                                                                   
Banks           5.5          4.5         Daicel         1.8             -          
                                         Chemical                                  
                                         Industries *                              
                                                                                   
Information &   5.1          5.9         Sekisui        1.7             1.8        
Communication                            Chemical                                  
                                                                                   
Pharmaceuticals 5.0          -           Cyber Agent *  1.7             -          
                                                                                   
Retail Trade    4.9          11.4        Sumitomo       1.7             1.9        
                                         Rubber                                    
                                         Industries                                
                                                                                   
Foods           4.2          7.9         Toyo Suisan    1.5             -          
                                         Kaisha *                                  
                                                                                   
Other           34.3         27.4        Fast Retailing 1.4                        
                                                                                   
Electric Power  -            4.3         Kappa Create * -               2.5        
& Gas                                    *                                         
                                                                                   
Total           100          100         Nissin Food    -               2.1        
                                         Holdings **                               
                                                                                   
                                         Rakuten        -               2.0        
                                         (Tokyo) **                                
                                                                                   
                                         FP Corp **     -               2.0        
                                                                                   
                                         Toho           -               1.5        
                                         Pharmaceutical                            
                                         **                                        
                                                                                   
                                         Ajinomoto **   -               1.5        
                                                                                   
                                         * Not in top 10 at 31 December 2008       
                                                                                   
                                         ** No longer in top 10 as at 31 March 2009
                                                                                   
                      Performance Record (total return %)                          
                                                                                   
                 Value at 31 Quarter to  Quarter to 31  1 Year  3 Years 5 Years to 
                 March 2009  31 December March 2009     to 31   to 31   31 March   
                 (p)         2008                       March   March   2009       
                                                        2009    2009               
                                                                                   
NAV (debt at     45.28       +4.2            -15.5       -21.9   -63.1     -39.3   
par)                                                                               
                                                                                   
NAV (debt at     45.21       +3.8            -15.4       -22.1   -63.1       -     
market value)                                                                      
                                                                                   
Ordinary Share   33.25       +21.6           -20.4       -29.3   -71.9     -50.4   
price                                                                              
                                                                                   
Benchmark Index                              -15.3       -5.4    -35.4     -8.5    
                                                                                   

                   Standardised Performance (total return %)                   
                                                                               
               31/03/2004   31/03/2005   31/03/2006   31/03/2007   31/03/2008  
                                                                               
               31/03/2005   31/03/2006   31/03/2007   31/03/2008   31/03/2009  
                                                                               
NAV            3.8          58.4         -35.4        -26.8        -21.9       
                                                                               
Ordinary Share 6.7          65.4         -38.1        -35.8        -29.3       
price                                                                          
                                                                               

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, Datastream and Russell Nomura as at
31 March 2009. 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.

CB32662/NA