Interim Results

FIDELITY JAPANESE VALUES PLC
5 August 1999


FIDELITY JAPANESE VALUES PLC

Announcement of unaudited interim results
for the six months ended 30 June 1999

Extract from the Interim Report

Performance Review
(All figures are expressed in sterling). Over the period under review, the net
asset value of the Company rose 144.0%, outperforming the TSE Second Section
Index, the FT/S&P Actuaries Japan Index and the Nikkei OTC Index, which rose
79.3%, 26.9% and 102.1%, respectively. This out performance is largely due to
the Manager's stockpicking ability and the positive impact of the gearing. A
full report on the period and the outlook for the future is given below.

Since the period end both the net asset value and share price have risen
further and at the time of writing are 109.26p and 86.00p respectively.

Investment approach
Following the recent increases in the Japanese stockmarket the Board has
reviewed the market capitalisation limit of the companies in which the Company
invests. The Board has resolved that the Company will invest predominantly in
Japanese smaller companies with a market capitalisation of less than 
Yen 300 billion (currently approximately £1.6 billion). The market
capitalisation limit will be reviewed and adjusted by the Board from time to
time in the light of market conditions. The Company reserves the right to
continue to hold or add to an investment which exceeds the market
capitalisation limit if this is as a result of market appreciation.

Shareholder authority to repurchase shares for cancellation
Further to the announcement made on 15 March 1999, a circular seeking
shareholder and warrantholder approval to purchase the Company's own shares
for cancellation and convening an extraordinary general meeting and a general
meeting of warrantholders for 8 September 1999 will be posted shortly.
Purchases of shares will be made at the discretion of the Board and within
guidelines set from time to time by the Board in the light of prevailing
market conditions. Purchases will only be made in the market at prices below
the prevailing net asset value per share, thereby resulting in an increased
fully-diluted net asset value per share.  Any such purchases will be made with
the aim of maximising the benefit to shareholders.  The Company may also
purchase warrants for cancellation if the result would be an uplift to the
diluted net asset value per share or otherwise in circumstances in which the
Board believes it to be in the best interests of the Company to repurchase
warrants.

Japanese Economy and Stockmarket
The contraction in the Japanese economy has finally shown some signs of ending
and in the first quarter of 1999, the economy grew by 2%. The government's
various economic stimulus packages, including public spending, tax breaks to
encourage investment in housing and Y20 trillion worth of credit guarantees to
small businesses, helped to contributed to a recovery in the economy. The
number of bankruptcies also declined and caused an improvement in business
sentiment.

The improvement in the economic outlook has also been reflected in the 
performance of the stockmarket.  The market fell below 13,000 in the middle of
October 1998 and since then has been recovering.  This recovery has been 
particularly strong among smaller companies, which have performed better than 
large companies.

Domestic individual investors and foreign investors were the major purchasers
of shares in the TSE2 and the OTC markets in the second quarter. Their buying
was particularly strong among the larger companies in these indices and those
with strong profits growth.  The largest 30 companies account for 53% of the
TSE2 market capitalisation and it was investor interest in these companies
which caused the index to rise so sharply.  Optimism that the economy was over
the worst and that household spending on services was increasing made
investors more confident about investing in smaller companies, where service
companies are common.

Portfolio Review
Over the last six months, the basic structure of the portfolio has changed so 
that there is a greater bias towards the OTC market.  The proportion of the 
portfolio invested in smaller companies listed on the First and Second
Sections of the Tokyo Stock Exchange decreased from 53% to 48% during the
period.  In contrast, holdings in companies listed on the OTC market rose from
26% to 34%.  The remainder is invested in the regional markets.

During the period under review, a number of the largest holdings performed 
strongly and made a significant contribution to the performance of the 
portfolio.  A high exposure to the machinery and the communications sectors
was maintained.  In the machinery sector, companies with dominant niche market
positions, such as Takasago Electric Industry, Disco, THK and Sankyo, 
contributed positively to performance.  The communications sector also
performed well as a result of industry consolidation and further deregulation.

Over the last six months, the proportion of the Company invested in the
chemical sector has been increased.  Shares were purchased in an initial
public offering issue, Kobayashi Pharmaceutical.  Other holdings in this
sector include Fancl and C Uyemura.

Outlook
Considering the speed of the recent rally in the TSE 2nd Section and the OTC 
markets, some short-term consolidation in the market is quite possible.  
However, given the large number of companies being listed on the OTC and other
markets every month, the growth in the smaller companies universe offers the 
possibility of investing in companies that are particularly innovative and 
competitive and which can produce strong growth in profits.

There is continuing uncertainty as to whether the economy is returning to a 
sustainable growth path.  While overall business sentiment has been 
strengthening, corporate efforts to cut back costs by reducing staff levels
and investment are likely to continue to restrain economic growth. The
financial system is also burdened by the amount of bad debts, although a
meaningful start has been made in dealing with this problem.  

While long-established large companies are struggling to restructure their 
business to become more profitable again, many young and dynamic smaller 
companies are growing much faster, despite the weak economic environment.  
Our stock selection continues to focus on companies offering 
attractive growth potential stemming from technological or operational 
advantages rather than corporate restructuring efforts.  Therefore, the focus
is on:

*  companies that are benefiting from changes in market/industry structures as
a result of deregulation;

*  companies that are making significant efforts to increase shareholder
value;

*  companies that are niche market leaders; and

*  companies that are creating a new business that offers growth potential.

Dividend
The Directors do not recommend the payment of an interim dividend.

Fidelity Investments International
5 August 1999

Enquiries:

Barbara Powley - Fidelity Investments International - 01737 836883


FIDELITY JAPANESE VALUES PLC

STATEMENT OF TOTAL RETURN (incorporating the revenue account)1
for the six months ended 30 June - unaudited


                                    1999                         1998
                       revenue   capital   total    revenue   capital   total
                         £'000     £'000   £'000      £'000     £'000   £'000

Gains on investments (2)     -    61,339  61,339          -     2,080   2,080

Income                     297         -     297        249         -     249

Investment management
fee                       (504)        -    (504)      (245)        -    (245)

Other expenses            (132)        -    (132)      (122)        -    (122)

Exchange gains/
(losses) (3)                 -        81      81          -      (347)   (347)

Net return before finance
costs and taxation        (339)   61,420  61,081       (118)    1,733   1,615

Exchange gain 
on borrowings                -       128     128          -     1,078   1,078

Interest payable          (227)        -    (227)      (201)        -    (201)

Return on ordinary
activities before tax     (566)   61,548  60,982       (319)    2,811   2,492

Tax on ordinary 
activities                 (46)        -     (46)       (35)        -     (35)

Return on ordinary
activities after tax
for the period transferred
to reserves (4)           (612)   61,548  60,936       (354)    2,811   2,457
  
Return per ordinary
share (5)               (0.58p)   58.47p  57.89p     (0.34p)    2.67p   2.33p


These accounts have been prepared in accordance with the AITC Statement of 
Recommended Practice (SORP) issued in December 1995.

Notes:
1  The revenue column on this statement is the profit and loss account of the
Company.
2  Including realised and unrealised gains and losses on exchange and
investments.
3  Attributable to other assets and liabilities, excluding borrowings.
4  Attributable to equity shareholders.
5  Basic returns per ordinary share are based on the loss on ordinary
activities after taxation of £612,000 (1998 : £354,000), and the capital
appreciation in the period of £61,548,000 (1998 : £2,811,000) and on
105,272,851 ordinary shares (1998 : 105,272,750), being the weighted average
number of ordinary shares in issue during the period.  The fully-diluted
returns are equivalent to the basic returns and are therefore not relevant.


BALANCE SHEET
                                       30.06.99       31.12.98       30.06.98
                                      unaudited        audited      unaudited
                                          £'000          £'000          £'000

Investments                             115,210         52,638         41,843

Current Assets
Debtors                                   6,183            146          1,118
Cash at bank                              5,026          6,268          7,435

Creditors - amounts falling due
within one year                          (6,916)          (357)        (1,505)

Net current assets                        4,293          6,057          7,048

Total assets less current liabilities   119,503         58,695         48,891

Creditors - amounts falling due
after more than one year                (16,250)       (16,378)       (13,297)

Total net assets                        103,253         42,317         35,594

Capital and reserves
Called up share capital                  26,318         26,318         26,318
Share premium account                    64,619         64,619         64,619
Warrant reserve                          10,525         10,525         10,525
Capital reserve - realised              (45,516)       (58,852)       (58,070)
Capital reserve - unrealised             50,847          2,635         (5,197)
Revenue reserve                          (3,540)        (2,928)        (2,601)

Total equity shareholders' funds        103,253         42,317         35,594

Net asset value per ordinary share       98.08p         40.20p         33.81p


The above statements have been prepared on the basis of the accounting policies
set out in the most recently published set of annual financial statements. The
balance sheet as at 31 December 1998 has been extracted from the accounts for
the year ended 31 December 1998 which have been delivered to the Registrar
of Companies and on which the auditors gave an unqualified report.



CASH FLOW STATEMENT
for the six months ended 30 June - unaudited

                                                         1999            1998
                                                        £'000           £'000

Net cash outflow from operating activities               (365)            (92)

Interest paid                                            (230)           (203)

Tax recovered                                               -              31

Net cash (outflow)/inflow from financial investment      (724)          1,453

(Decrease)/increase in cash                            (1,319)          1,189



Copies of the Interim Report will be posted to shareholders as soon as 
practicable.  Copies will also be available to the public at the Company's 
registered office:  Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, 
Surrey KT20 6RP