Interim Management Stmnt-Rep

Baillie Gifford Japan Trust PLC
10 December 2007


The issuer advises that the following replaces the Interim Management Statement
released 6 December 2007 at 15.04pm under RNS number 3714J


                      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 2.4% 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                                                      Name                           
                              % of total      % of total                           % of total        % of total
                               assets at       assets at                            assets at         assets at 
                               30/11/07        31/08/07                             30/11/07          31/08/07
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