Interim Management Statement

FIDELITY JAPANESE VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER    
ENDED 31 MARCH 2012                                                            
                                                                               
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 2.32% against an increase of 4.26% for the benchmark;   
                                                                               
- the share price increased by 2.86%;                                          
                                                                               
- gearing continued to be maintained by way of Contracts For Difference;       
                                                                               
- total gearing exposure was 120.59% on 31 March 2012;                         
                                                                               
- main portfolio changes are detailed in the top ten holdings below.           
                                                                               
Material transactions                                                          
                                                                               
- No shares were repurchased for cancellation during the period, 100,000       
ordinary shares were repurchased and immediately cancelled at a price of 54.00p
per share on 3 May 2012.                                                       
                                                                               
- 11,595 Ordinary shares were issued during the period following the exercise  
of the rights attached to subscription shares, and 17,239,197 subscription     
shares remained in issue as at 31 March 2012. Following exercises of rights    
attaching to subscription shares since the period end, 17,237,256 subscription 
shares remained in issue as at 14 May 2012.                                    
                                                                               
Material Events                                                                
                                                                               
Annual Report published.                                                       
                                                                               
AGM held on 10 May 2012. All resolutions passed.                               
                                                                               
Additional Information                                                         
                                                                               
Details of the Company                           Dealing Information           
                                                                               
Fund        Shinji Higaki                        Listed:          London Stock 
Manager:                                                          Exchange     
                                                                               
Enquiries:  08457 100 456                        Broker:          Canaccord    
                                                                  Genuity      
                                                                               
WWW         www.fidelity.co.uk/                  Price Quoted:    Financial    
Address:    its                                                   Times        
                                                                               
            Copies of major                                       The Times    
            announcements and                                                  
            documentation                                         The Daily    
            relating to the                                       Telegraph    
            Company may be found                                               
            on the website                                        The          
                                                                  Independent  
                                                                               
Launch      15 March 1994                        Reuters Code:    FJV.L        
Date:                                                                          
                                                                               
            As at 31 March 2012   As at 14 May   SEAQ Code:       51054        
                                  2012                                         
                                                                               
Ordinary    97,452,163 *          97,355,578     ISIN:            GB0003328555 
Shares In                                                                      
Issue:                                                                         
                                                                               
Share price 17.76%                13.31%         Registered                    
discount to                                      office                        
NAV:                                                                           
                                                                               
Total Net   £64.1m                £59.1m         Beech Gate                    
Assets:                                                                        
                                                 Millfield Lane                
                                                                               
Gearing     120.59%               122.38%        Lower Kingswood               
Exposure:                                                                      
                                                 Tadworth                      
                                                                               
                                                 Surrey KT20 6RP               
                                                                               
The Company's net asset value per share is announced daily and may be found on 
the Stock Exchange website www.londonstockexchange.com                         
                                                                               
* Since the period end, an additional 1,474 ordinary shares were issued        
following the exercise of the rights attached to subscription shares with      
effect from 31 March 2012. A further 1,941 ordinary shares were issued         
following the exercise of the rights attached to subscription shares with      
effect from 30 April 2012.                                                     

                             Portfolio Breakdowns                              
                                                                               
Sector Analysis  As at 31  As at 31   Largest 10        As at 31     As at 31  
(% total assets) March     December   Holdings (% total March 2012   December  
                 2012      2011       assets)                        2011      
                                                                               
Chemicals        13.1      12.9       M3                3.8          3.7       
                                                                               
Electrical       12.1      7..8       Takata            3.7          3.0       
Machinery                                                                      
                                                                               
Information &    11.4      13.9       Sekisui Chemical  3.4          4.0       
Communication                                                                  
                                                                               
Machinery        8.5       9.8        Maruwa Ceramic    3.2          2.7       
                                                                               
Services         6.4       9.5        Kakaku.Com*       2.9          -         
                                                                               
Glass & Ceramics 4.9       5.4        GMO Payment       2.7          2.6       
                                      Gateway                                  
                                                                               
Wholesale Trade  4.6       -          Bit-Isle          2.5          3.3       
                                                                               
Transport        4.5       -          Cyberagent        2.3          3.5       
Equipment                                                                      
                                                                               
Other            30.5      26.4       Hitachi           2.0          -         
                                      High-Technologies                        
                                      *                                        
                                                                               
Cash             4.0       5.5        Hitachi Chemical  1.9          -         
                                      Co*                                      
                                                                               
Retail Trade     -         4.9        Sumitomo Rubber** -            2.2       
                                                                               
Nonferrous       -         3.8        Fast Retailing**  -            2.2       
Metals                                                                         
                                                                               
                                      JSP**             -            2.0       
                                                                               
Total            100       100                                                 
                                                                               
                                      * Not in top 10 as at 31 December 2011   
                                                                               
                                      ** No longer in the top 10 as at 31 March
                                      2012                                     

                      Performance Record (total return %)                      
                                                                               
          Price at 31 Quarter to   Quarter to   1 Year to  3 Years  5 Years to 
          March 2012  31 December  31 March     31 March   to 31    31 March   
          (p)         2011         2012         2012       March    2012       
                                                           2012                
                                                                               
NAV       65.66       -4.68            2.32       -0.14     45.01     -17.11   
                                                                               
Ordinary  54.00       -5.41            2.86       -1.14     62.41     -26.28   
Share                                                                          
price                                                                          
                                                                               
Benchmark n/a         -4.79            4.26        0.91     24.09      -2.06   
Index                                                                          

As at 14 May 2012 the Company's NAV per share was 60.56p and the Company's
share price was 52.50p per share. The subscription shares have an exercise
price of 55.00p per share, as at 14 May 2012 the subscription share price was
3.03p per share.

                   Standardised Performance (total return %)                   
                                                                               
               31/03/2007   31/03/2008   31/03/2009   31/03/2010   31/03/2011  
                                                                               
               31/03/2008   31/03/2009   31/03/2010   31/03/2011   31/03/2012  
                                                                               
NAV            -26.8        -21.9        44.2         0.7          -0.14       
                                                                               
Ordinary Share -35.8        -29.3        63.9         0.2          -1.14       
price                                                                          

By order of the Board

Ben McMechan

For and on behalf of FIL Investments International

Company Secretary

15 May 2012

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 2012.
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.