Interim Management Statement

JPMorgan Fleming Japanese Smllr Cos
28 January 2008



        JPMorgan Fleming Japanese Smaller Companies Investment Trust plc

                          Interim Management Statement

                 For the three months ended 31st December 2007



This interim management statement relates to the quarter from 1st October 2007
to 31st December 2007 and contains information that covers that period, unless
otherwise stated.


Financial performance - Cumulative Total Return*


                         1 month        3 months       1 Year       3 Years      5 Years      10 Years
Share price              -5.1%          -10.5%         -31.5%       -1.6%        50.0%        116.6%
Net asset value          -4.9%          -8.1%          -21.9%       -6.3%        36.4%        98.4%
Benchmark                -3.6%          -6.6%          -12.1%       4.8%         59.5%        60.0%



* total return with net dividends reinvested

Source: JPMAM/Fundamental Data



Financial position

                              As at 31st December 2007          As at 25th January 2008

Total assets              £98,305,475                       £90,116,259
Share price               192.75 p                          171.50 p
Net asset value           217.15 p                          197.60 p
Discount                  -11.24%                           -13.21%
Gearing                   108.24%                           101.71%

Share prices shown are closing mid
Net asset values are shown with debt at fair value
Source: JPMAM/Fundamental Data


Material events


Nothing to report.



Material transactions

Changes to share capital:


                                                                        Shares of 10p

Shares in issue as at 30th September 2007                                39,359,423
Shares bought back and cancelled                                                  -
Shares issued                                                                     -
As at 31st December 2007                                                 39,359,423



During the quarter, the Company did not issue or repurchase any shares for
cancellation. On 21st January 2008, the Company repurchased 50,000 of its own
shares for cancellation at a discount of 17.5%.



Portfolio



Top ten holdings as at 31st December 2007


Stock name                            Sector                             Weight %
AI Holdings                           Information Technology             3.8
Nihon Kohden                          Health Care                        3.1
Tecmo                                 Consumer Discretionary             3.1
Foster Electric                       Consumer Discretionary             3.0
Aeon Delight                          Industrials                        2.7
DTS                                   Information Technology             2.5
Matsuda Sangyo                        Industrials                        2.4
Nippon Seiki                          Consumer Discretionary             2.4
Asics                                 Consumer Discretionary             2.3
Moshi Moshi Hotline                   Industrials                        2.3



Sector analysis as at 31st December 2007


                                                      Portfolio %
Industrials                                           23.9
Consumer Discretionary                                23.7
Information Technology                                21.6
Materials                                             10.9
Financials                                            7.6
Health Care                                           4.5
Consumer Staples                                      1.9
Utilities                                             0.0
Energy                                                0.0
Telecommunications Services                           0.0
Cash                                                  5.9
Total                                                 100.00


By order of the Board
Andrew Norman, for and on behalf of
JPMorgan Asset Management (UK) Limited, Secretary - Telephone [phone]
28th January 2008



Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ


This interim management statement has been prepared solely to provide
information to meet the requirements of the UK Listing Authority's Disclosure
and Transparency Rules.

Please note that up to date information on the Company, including daily NAV and
share prices, factsheets and portfolio information can be found at
www.jpmfjapanesesmallercompanies.co.uk.



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