Interim Management Statement

Baillie Gifford Japan Trust PLC
06 December 2007

                      THE BAILLIE GIFFORD JAPAN TRUST PLC

          Interim Management Statement - 3 months to 30 November 2007



Baillie Gifford Japan Trust PLC aims to pursue long-term capital growth
principally through investment in medium to smaller sized Japanese companies
which are believed to have above average prospects for growth.



Review of the Period


•    Over the three months to 30 November 2007, the Company's net asset value (at par) fell by 3.8% compared
     to a fall in the benchmark of 5.0% while the share price fell by 7.1%
•    After partial sales Juki, Mitsubishi Electric and USS are no longer part of the Top Ten Equity Holdings.
     Other changes in the Top Ten Equity Holdings were due to market movements.




           Sector Analysis of Total Assets                             Top Ten Equity Holdings


Name                                % of   % of total     Name                             % of   % of total

                                   total    assets at                                     total    assets at

                               assets at     31/08/07                                 assets at     31/08/07

                                30/11/07                                               30/11/07
Chemicals and other materials    10.6            10.6     Japan Tobacco                3.2               3.1
Commerce and services            22.8            23.6     Yamada Denki                 3.0               2.6
Electricals and electronics      18.5            17.5     Sumitomo Heavy               2.6               2.7
Financials                       7.5              8.9     Asahi Glass                  2.6               2.3
Information, communication       2.2              2.3     Inpex Holdings               2.6               2.3
and utilities
Manufacturing and machinery      16.5            17.3     Canon                        2.6               2.8
Pharmaceuticals and food         6.6              6.2     Itochu                       2.5               2.7
Real estate and construction     6.0              6.5     Modec                        2.4               2.3
Retail                           6.0              5.8     Yaskawa Electric             2.3               2.1
Net Liquid Assets                3.3              1.3     Misumi Group                 2.3               2.2
Total                           100.0           100.0     Total                        26.1             25.1



Performance


                            3 Months               1 Year                3 Years              5 Years
Share Price                  -7.1%                  -9.4%                 28.2%               104.2%
Nav (Par)                    -3.8%                  -7.0%                 27.6%                90.4%
Benchmark                    -2.4%                  -4.7%                 20.1%                50.6%

Source: Fundamental Data Ltd and Datastream.  Capital only.

Benchmark - On 1 September 2003 the Company changed its benchmark from 75% TOPIX
/25% Tokyo Stock Exchange Second Section Index to 100% TOPIX.  For the purposes
of the above table the returns on both benchmarks for their respective periods
have been linked to form a single benchmark.



Past performance is not a guide to future performance

                                          General Information


                                                                     30/11/07                   31/08/07
Annual management fee (based on net assets)                             1.00%                      1.00%
Share Price                                                            193.0p                     207.8p
Total assets (before deduction of bank loans)                         £158.6m                    £163.1m

Total borrowings (loans at par)                                        £27.6m                     £27.0m
Net asset value per share (at par)                                     211.5p                     219.9p
Discount of share price to net asset value (at par)                    (8.7)%                     (5.5%)
Potential Gearing (at par)                                              21.1%                      19.8%
Actual Gearing (at par)                                                 17.0%                      18.0%

Total borrowings (loans at fair)                                       £27.8m                     £26.9m
Net asset value per share (at fair)                                    211.3p                     219.9p
Discount of share price to net asset value (at fair)                   (8.7)%                     (5.5%)
Potential Gearing (at fair)                                             21.2%                      19.8%
Actual Gearing (at fair)                                                17.1%                      18.0%







This interim management statement and up to date NAV and share price information
is available on the Managers' website  www.japantrustplc.co.uk.



For further information contact:-  Anzelm Cydzik on 0131 275 3276


                      This information is provided by RNS
            The company news service from the London Stock Exchange