Portfolio Update

Baillie Gifford Japan Trust PLC
06 June 2005


                      THE BAILLIE GIFFORD JAPAN TRUST PLC
   Statement of Top Ten Investments and all Holdings Over 5% of Total Assets

31 May 2005

No        Holding                                          % of Total Assets
     
1.        Yamada Denki                                             3.7%
2.        Sumitomo Heavy                                           3.7%
3.        Japan Tobacco                                            3.4%
4.        Aiful                                                    3.1%
5.        Ashai Glass                                              2.8%
6.        Sumitomo Realty & Development                            2.7%
7.        Itochu                                                   2.6%
8.        Canon                                                    2.5%
9.        Diamond Lease                                            2.4%
10.       OMC Card                                                 2.4%


                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                     6 June 2005


                      This information is provided by RNS
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