Statement re Proposed Bonus Issue of Subscripti...

Proposed Bonus Issue of Subscription Shares                  

The Board of Fidelity Japanese Values PLC (the "Company") announces that it is
considering proposals for a bonus issue of subscription shares to ordinary
shareholders on the basis of one subscription share for every five ordinary
shares held.

Subscription shares have similar characteristics to warrants in that they carry
the right (but not the obligation) to convert into ordinary shares during a
pre-determined future period at a pre-determined price.

The Board believes that a bonus issue of subscription shares will be
advantageous to shareholders since it will provide them with additional
tradable securities and permit them to further participate in any future asset
growth of the Company through subscribing for ordinary shares. In addition, the
issue may broaden the shareholder base of the Company as the subscription
shares are dispersed in the market, attracting new investors. Accordingly,
shareholders may benefit from a higher aggregate market value for their
investment in the Company than would otherwise be the case.

Subscription shares converted into ordinary shares will increase the capital
base of the Company, allowing operating costs to be spread across a larger
number of ordinary shares and the total expense ratio to fall. Increasing the
number of ordinary shares in issue may also improve the future liquidity in the
market of the ordinary shares.

At the current time, the proposed bonus issue of subscription shares is subject
to continued discussions with the Company's stakeholders and a further
announcement will be made when appropriate.

For further information please contact:

Christopher Pirnie                                       01737 837929       
                                                                            
FIL Investments International, Company Secretary                            
                                                                            
Robbie Robertson/Andrew Zychowski                       020 7523 8000       
                                                                            
Collins Stewart Europe Limited