Final Results

Fleming Japanese Smaller Cos IT PLC
17 June 2002



          THE FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST PLC

             UNAUDITED ANNUAL RESULTS FOR PERIOD TO 31ST MARCH 2002


The Directors have today announced the unaudited final results for the year to
31st March 2002.

The year to 31st March, 2002, was not a satisfactory one for your Company. The
Net Asset Value fell by 25.7% in a difficult environment for the asset class.
The Investment Manager's Report, which shareholders will be able to review in
the annual report and accounts, covers the performance in detail and gives an
account and explanation for the weak results relative to both the benchmarks and
competition in the sector. I will not add to this report other than to say that
your Board has reviewed several aspects of the management process on which it is
important for me to pass comment.



In the light of recent performance, your Board has conducted a thorough review
of the investment manager's investment process and methodology. The investment
manager has been adding resources to its smaller company capabilities, and they
have introduced more stringent sell disciplines and risk controls. The Board
believes these will improve relative performance and make additional
contributions to absolute performance.



For some time the Board has reviewed the performance of the manager relative to
the Tokyo Stock Exchange Second Section Index ('TSE Second Section Index'). This
Index has never satisfactorily reflected the universe of stocks available to the
manager. After careful research, it was agreed that the most appropriate
benchmark to use for comparative performance is the Salomon Smith Barney Japan
Extended Market Index (in Sterling terms) ('SSBJEMI'). This benchmark is arrived
at by excluding the top 230 companies (by market capitalisation) in Japan. It
includes only those companies with a minimum free float of US$100m. For the
period to 31st March, 2002, this index returned -15.4%. The manager is expected
by the Board to add value by active stock selection. Since the largest
constituent in the SSBJEMI is 0.56%, an active manager's portfolio will always
deviate significantly from it.



The discount to Net Asset Value at which the shares trade remains an issue of
concern to your Board. Active steps have been taken to control discount
volatility including use of the buy-back facility. During the year the share
capital was reduced as a result of this activity by 9.77%, enhancing net asset
value per share. The discount differential to the peer group has disappeared and
the discount has stayed in the range of 12% to 18%.

In September, the appointment of Anthony Newsome to the Board was announced.
Shareholders will be asked to confirm Mr Newsome's appointment and the
re-appointment of the other Directors at the Annual General Meeting. Directors'
details are shown on page fourteen.

The Annual General Meeting will be held at 3.00pm on 26th July, 2002, at 10,
Aldermanbury, London EC2V 7RF. My colleagues on the Board, and the investment
manager, David Scott, who will be making a formal presentation, look forward to
welcoming shareholders to the meeting and to answering any questions. All
questions will of course be welcome but, in the case of those expecting a
detailed response it would helpful to have them submitted before the meeting to
the Company Secretary at Finsbury Dials, 20, Finsbury Street, London EC2Y 9AQ.

My colleagues and I thank shareholders for their support over the extremely
difficult year past. Together with the investment manager we will be making best
efforts to ensure a more prosperous future for all shareholders.





J.P. Morgan Fleming Asset Management (UK) Limited - Secretary



17th June 2002



For further information please contact



Hilary Lowe.............................................Tel: [phone]


The Fleming Japanese Smaller Companies  Investment Trust plc

Unaudited figures for the year ended 31 March 2002



Statement of Total Return (Unaudited)


                                                  Year ended 31 March 2002             Period ended 31 March 2001

                                                    Revenue     Capital       Total   Revenue    Capital       Total

                                                      £'000       £'000       £'000     £'000      £'000       £'000


Realised losses on investments                            -    (15,337)    (15,337)         -  (128,162)   (128,162)
Change in unrealised depreciation                         -    (19,280)    (19,280)         -   (64,964)    (64,964)
Currency losses on cash and short-term                    -       (239)       (239)         -    (3,558)     (3,558)
deposits held during the period                                   
Unrealised currency gain on Yen loan                      -           -           -         -      2,501       2,501
Realised loss on repayment of Yen loan                    -        (55)        (55)         -          -           -
Other capital credits                                     -           -           -         -        216         216
Income from Investments                                 629           -         629       601          -         601
Other Income                                              6           -           6        86          -          86
                                                    _______    ________     _______    ______    _______    ________

Gross return                                            635    (34,911)    (34,276)       687  (193,967)   (193,280)

Management fee                                      (1,643)           -     (1,643)   (2,869)          -     (2,869)

Other administrative expenses                         (255)           -       (255)     (346)          -       (346)

Interest payable                                      (860)           -       (860)     (793)          -       (793)

                                                    _______     _______     _______    ______    _______     _______

Return before taxation                              (2,123)    (34,911)    (37,034)   (3,321)  (193,967)   (197,288)

Taxation                                               (94)           -        (94)      (90)          -        (90)

                                                    _______     _______     _______    ______    _______     _______

Total return attributable to ordinary               (2,217)    (34,911)    (37,128)   (3,411)  (193,967)   (197,378)
shareholders



Return per ordinary share                           (4.62)p    (72.69)p    (77.31)p   (6.33)p  (359.58)p   (365.91)p

Dividend per ordinary share                             Nil                               Nil




The Fleming Japanese Smaller Companies Investment Trust plc
Unaudited figures for the year ended 31 March 2002


BALANCE SHEET                                                                    31 March         31 March
                                                                                     2002             2001
                                                                                    £'000            £'000

Investments at valuation                                                          100,925          136,878

Net current (liabilities)/assets                                                  (3,276)           44,279

Long term loan                                                                    (3,587)         (40,803)

                                                                                  _______          _______
Total net assets                                                                   94,062          140,354
                                                                                    =====            =====
Net asset value per ordinary share                                                 210.4p           283.2p


CASH FLOW STATEMENT

                                                                                     2002             2001
                                                                                    £'000            £'000

Net cash outflow from operating activities                                        (1,348)          (2,913)

Net cash outflow from servicing of finance                                        (1,461)          (1,607)

Net cash inflow from capital expenditure and financial investment                   5,758           74,030

Net cash outflow from financing                                                  (40,386)         (43,877)
                                                                                  _______           ______
(Decrease)/Increase in cash for the period                                       (37,437)           25,633
                                                                                    =====             ====


The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The comparative financial
information is based on the statutory accounts for the period ended 31 March
2001. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.



J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED

17 June 2002




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