Interim Management Statement

FIDELITY JAPANESE VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER    
ENDED 30 SEPTEMBER 2010                                                        
                                                                               
Issued pursuant to the requirements of Chapter 4 of the Disclosure and         
Transparency Rules                                                             
                                                                               
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 0.6% (undiluted) against a decrease of 2.4% for the     
benchmark.                                                                     
                                                                               
- the share price decreased by 1.0%                                            
                                                                               
- gearing continues to be maintained by way of Contracts For Difference.       
                                                                               
- total exposure was 121.6% on 30 September 2010.                              
                                                                               
- main portfolio changes are detailed in the top ten holdings below            
                                                                               
Material transactions                                                          
                                                                               
- No shares were repurchased for cancellation during the period and none have  
been repurchased since the period end.                                         
                                                                               
- 15,893 Ordinary shares were issued during the period following the exercise  
of the rights attached to subscription shares.                                 
                                                                               
Material Events                                                                
                                                                               
Half-yearly results to 30 June 2010 announced on 02 August 2010.               
                                                                               
Substantial shareholder announcements made:-                                   
                                                                               
1607 Capital Partners - 14%                                                    
                                                                               
FIL Limited - 26%                                                              
                                                                               
Miton - 5.33%                                                                  
                                                                               
Asset Value Investors - (sale of holding)                                      
                                                                               
British Empire Securities - (sale of holding)                                  
                                                                               
Additional Information                                                         
                                                                               
Sir Laurie Magnus appointed as a Director 01 October 2010.                     
                                                                               
Details of the Company                           Dealing Information           
                                                                               
Fund Mana  Shinji Higaki                         Listed:       London Stock    
ger:                                                           Exchange        
                                                                               
Enquiries: 08457 100 456                         Broker:       Collins Stewart 
                                                               Europe Limited  
                                                                               
WWW        www.fidelity.co.uk/its                Price Quoted: Financial Times 
Address:                                                                       
           Copies of major                                     The Times       
           announcements and                                                   
           documentation relating                              The Daily       
           to the Company may be                               Telegraph       
           found on the website                                                
                                                               The Independent 
                                                                               
Launch     15 March 1994                         Reuters Code: FJV.L           
Date:                                                                          
                                                                               
           As at 30 September 2010 As at 12      SEAQ Code:    51054           
                                   November 2010                               
                                                                               
Ordinary   95,674,237              95,683,574    ISIN:         GB000332855     
Shares In                                                                      
Issue:                                                                         
                                                                               
Share      16.08%                  17.40%        Registered                    
price                                            office                        
discount                                                                       
to NAV:                                                                        
                                                                               
Total Net  £57,085,345.43          £             Beech Gate                    
Assets:                            56,181,277.35                               
                                                 Millfield                     
                                                 Lane                          
                                                                               
Gearing    121.55%                 123.64%       Lower                         
Exposure:                                        Kingswood                     
                                                                               
                                                 Tadworth                      
                                                                               
                                                 Surrey KT20                   
                                                 6RP                           
                                                                               
                                                                               

                             Portfolio Breakdowns                                
                                                                                 
Sector         As at 30     As at 30    Largest 10       As at 30    As at 30    
Analysis (%    September    June 2010   Holdings (%      September   June 2010   
total assets)  2010                     total assets)    2010                    
                                                                                 
Electrical     12.7         16.8        Sanden           2.3         **          
Machinery                                                                        
                                                                                 
Chemicals      12.1         11.3        NPC              2.3         **          
                                                                                 
Services       9.0          5.5         Toyoda Boshoku   2.2         2.3         
                                        (Formerly Toyoda                         
                                        Spinning)                                
                                                                                 
Machinery      8.5          10.5        Daikokutenbussan 2.1         2.0         
                                                                                 
Information &  7.9          9.2         Mitsumi Electric 1.9         **          
Communications                                                                   
                                                                                 
Transport      7.5          7.6         LEC              1.8         1.9         
Equipment                                                                        
                                                                                 
Retail Trade   5.5          5.3         Osaka Titanium   1.8         **          
                                        Technologies                             
                                                                                 
Banks          5.2          5.3         EPS              1.8         **          
                                                                                 
Other          31.6         28.5        Toda Kogyo       1.8         **          
                                                                                 
                                        Nifco            1.7         **          
                                                                                 
                                        Mitsui Chemicals *           1.8         
                                                                                 
                                        Nippon Denko     *           1.8         
                                                                                 
Total          100          100         Exedy            *           1.7         
                                                                                 
                                        Bit-Isle         *           1.7         
                                                                                 
                                        Hogy Medical     *           1.7         
                                                                                 
                                        Otsuka           *           1.5         
                                                                                 
                                        Megachips        *           1.5         
                                                                                 
                                        * Not in top 10 as at 30 September 2010  
                                                                                 
                                        ** Not in top 10 as at 30 June 2010      

                      Performance Record (total return %)                      
                                                                               
             Price at  Quarter to Quarter to  1 Year to  3 Years to  5 Years to
             30        30 June    30          30         30          30        
             September 2010       September   September  September   September 
             2010 (p)             2010        2010       2010        2010      
                                                                               
NAV          59.58     -8.2          -0.6        0.9        -19.0      -35.3   
                                                                               
Ordinary     50.00     -7.3          -1.0        -2.4       -22.2      -46.9   
Share price                                                                    
                                                                               
Benchmark              -5.3          -2.4        -1.2       -0.1        -8.9   
Index                                                                          
                                                                               

As at 12 November 2010 the Company's NAV per share was 58.72p and the Company's
share price was 48.50p per share.

                   Standardised Performance (total return %)                   
                                                                               
               30/09/2005   30/09/2006   30/09/2007   30/09/2008   30/09/2009  
                                                                               
               30/09/2006   30/09/2007   30/09/2008   30/09/2009   30/09/2010  
                                                                               
NAV            -7.6         -13.5        -30.0        14.8         0.9         
                                                                               
Ordinary Share -16.2        -18.7        -31.9        17.1         -2.4        
price                                                                          
                                                                               
Benchmark      -0.7         -8.3         -17.4        22.4         -1.2        
Index                                                                          

By order of the Board

Rebecca Burtonwood

For and on behalf of FIL Investments International

Company Secretary

15 November 2010

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 30 September
2010. 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.