Interim Management Statement

FIDELITY JAPANESE VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER       
ENDED 30 SEPTEMBER 2009                                                           
                                                                                  
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 increased by 14.32% (debt at par) and 14.37% (debt at market value)     
against a 9.54% return for the benchmark.                                         
                                                                                  
- the share price increased by 13.26%.                                            
                                                                                  
- The Board and Managers continue to believe that investment in equities will     
produce positive returns for shareholders over the long term.                     
                                                                                  
- main portfolio changes are detailed in the top ten holdings below.              
                                                                                  
- there were no share repurchases for cancellation during the period and none     
have taken place since the quarter end.                                           
                                                                                  
Net gearing was 26.80% on 30 September 2009. Details on the gearing position of   
the Company may be found in the Prospectus published on 15 October 2009.          
                                                                                  
Material Events                                                                   
                                                                                  
The half-yearly report for the six months ended 30 June 2009 was published.       
                                                                                  
The Prospectus detailing the proposed change in investment policy and bonus       
issue of subscription shares was published on 15 October 2009.                    
                                                                                  
A General Meeting of the Company was held on 10 November 2009 at which all        
resolutions were passed without amendment approving the change in Investment      
Policy and the Bonus Issue of Subscription Shares. Subsequently a total of        
19,115,381 Subscription Shares were issued to Ordinary Shareholders on the        
register of members as at close of business on 10 November 2009.                  
                                                                                  
Additional Information                                                            
                                                                                  
Details of the Company                                    Dealing Information     
                                                                                  
Fund Manager:   Shinji Higaki                             Listed:      London     
                                                                       Stock      
                                                                       Exchange   
                                                                                  
Enquiries:      08457 100 456                             Broker:                 
                                                                                  
WWW Address:    www.fidelity.co.uk/its                    Price        Financial  
                                                          Quoted:      Times      
                Copies of major                                                   
                announcements and                                      The Times  
                documentation relating                                            
                to the Company may be                                  The Daily  
                found on the website                                   Telegraph  
                                                                                  
                                                                       The        
                                                                       Independent
                                                                                  
Launch Date:    15 March 1994                             Reuters      FJV.L      
                                                          Code:                   
                                                                                  
                As at 30 September     As at 16 November  SEAQ Code:   51054      
                2009                   2009                                       
                                                                                  
Ordinary Shares 95,577,453             95,577,453         ISIN:        GB000332855
In Issue:                                                                         
                                                                                  
Share price     13.22%                 11.63%             Registered              
discount to                                               office                  
NAV:                                                                              
                                                                                  
Total Assets:   £68.1m                 £60.6m             Beech Gate              
                                                                                  
                                                          Millfield               
Loan:           £11.7m + £3.4m         £11.2m + £3.1m     Lane                    
                overdraft              overdraft                                  
                                                          Lower                   
                                                          Kingswood               
Total Net       £56.4m                 £49.4m                                     
Assets:                                                   Tadworth                
                                                                                  
                                                          Surrey KT20             
Gross Gearing : 26.80%                 28.95%             6RP                     
                                                                                  
                                                                                  
Net Gearing:    26.80%                 28.95%                                     
                                                                                  
The Company's net asset value per share is announced daily and may be found on    
the Stock Exchange website www.londonstockexchange.com                            
                                                                                  
                             Portfolio Breakdowns                                 
                                                                                  
Sector Analysis As at 30    As at 30    Largest 10     As at 30       As at 30    
(% total        September   June 2009   Holdings (%    September 2009 June 2009   
assets)         2009                    total assets)                             
                                                                                  
Electrical      14.4        10.6        Tsumura        2.4            2.1         
Machinery                                                                         
                                                                                  
Chemicals       13.1        12.2        Panasonic      2.4            **          
                                        Electric Works                            
                                                                                  
Services        7.9         8.1         FP Corp        2.3            1.4         
                                                                                  
Retail Trade    7.8         5.1         So-Net M3      2.2            1.7         
                                                                                  
Transport       6.6         6.4         Sumitomo       2.1            **          
Equipment                               Electric                                  
                                        Industries                                
                                                                                  
Information &   5.5         -           Kakaku.Com     2.1            **          
Communication                                                                     
                                                                                  
Pharmaceuticals 5.5         4.7         Zappallas      1.9            **          
                                                                                  
Banks           5.3         5.4         Nichiiko       1.9            1.7         
                                        Pharmaceutical                            
                                                                                  
Other           33.9        38.2        Sekisui        1.8            2.1         
                                        Chemical                                  
                                                                                  
Cash            0.0         4.7         EPS            1.8            1.5         
                                                                                  
Machinery       -           4.6         Daicel         *              2.3         
                                        Chemical                                  
                                        Industries                                
                                                                                  
                                        Toyoda Boshoku *              1.7         
                                        Corp                                      
                                                                                  
Total           100         100         TS Tech        *              1.4         
                                                                                  
                                        Asahi Glass    *              1.4         
                                                                                  
                                        * Not in top 10 as at 30 September 2009   
                                                                                  
                                        ** Not in top 10 as at 30 June 2009       

                      Performance Record (total return %)                      
                                                                               
               Price at   Quarter to  Quarter to  1 Year to 3 Years   5 Years  
               30         30 June     30          30        to 30     to 30    
               September  2009        September   September September September
               2009 (p)               2009        2009      2009      2009     
                                                                               
NAV (debt at   59.06      14.1           14.3       14.8      -30.5     -13.0  
par)                                                                           
                                                                               
NAV (debt at   59.04      14.2           14.4       14.7      -30.4     -12.6  
market value)                                                                  
                                                                               
Ordinary Share 51.25      36.1           13.3       17.1      -35.1     -35.1  
price                                                                          
                                                                               
Benchmark                 14.1            9.5       22.4      -7.4      19.6   
Index                                                                          
                                                                               

As at 16 November 2009 the Company's NAV per share was 45.75p (debt at par) and
45.75p (debt at fair value) and the Company's share price was 51.77p per share.
The Subscription Share price was 8.63p.

                   Standardised Performance (total return %)                   
                                                                               
               30/09/2004   30/09/2005   30/09/2006   30/09/2007    30/09/2008 
                                                                               
               30/09/2005   30/09/2006   30/09/2007   30/09/2008    30/09/2009 
                                                                               
NAV            35.50        -7.64        -13.50       -30.05       14.84       
                                                                               
Ordinary Share 55.14        -16.18       -18.67       -31.91       17.14       
price                                                                          
                                                                               
Benchmark      29.78        -0.43        -8.47        17.14        22.43       
Index                                                                          

By order of the Board

Rebecca Burtonwood

For and on behalf of FIL Investments International

Company Secretary

17 November 2009

Past performance is not a guide to future returns. The values of investments
can go down and 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
30 September 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