Interim Results

Fleming Japanese Smaller Cos IT PLC
19 November 2001



                         STOCK EXCHANGE ANNOUNCEMENT


         THE FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST PLC


19th November 2001

Interim Results

The Fleming Japanese Smaller Companies Investment Trust plc announces its
results for the six months to 30th September 2001.

After a positive start in which the Company's Net Asset Value per share rose
to 332p in May, weak stock markets worldwide and export difficulties in Japan
led to a pattern of declining values for our investments to the end of
September.  Net Asset Value per share fell by 22.1% for the six months and
this compares with a fall of 12.4% in the Company's benchmark, Tokyo Stock
Exchange 2nd Section Index.


No dividend has been declared by the Board as the Company's forecasts suggest
that there will be a revenue deficit at the end of the financial year.

For further information, please contact:


Linda Field

J.P. Morgan Fleming Asset Management (UK) Limited..........020 7742 3426
Secretary


THE FLEMING JAPANESE SMALLER INVESTMENT TRUST PLC

        UNAUDITED FIGURES FOR THE HALF YEAR ENDED 30th SEPTEMBER 2001

                                                      2001              2000
                                                     £'000             £'000
REVENUE


Income

Overseas dividends                                     164               181
Deposit interest                                         5                 3
                                                   _______           _______
Gross Revenue                                          169               184

Less:
Management fee                                         983             1,404
Other administrative expenses                           91               233
Interest payable                                       344               437
                                                   _______           _______
Return before Taxation                             (1,249)           (1,890)

Less:  Taxation                                         25                27
                                                   _______           _______
Total return available to ordinary shareholders    (1,274)           (1,917)
                                                     =====             =====


                                                      2001                 2000
                                                     £'000                £'000
CAPITAL


 Movements on investments                         (29,827)         (129,003)


                                                   _______           _______
Return attributable to ordinary shareholders      (29,827)         (129,003)
                                                     =====             =====

Revenue return per ordinary share                  (2.58)p           (3.36)p
Capital return per ordinary share                 (60.49)p         (226.35)p
Total return per ordinary share                   (63.07)p         (229.71)p
                                                     =====             =====


THE FLEMING JAPANESE SMALLER INVESTMENT TRUST PLC

        UNAUDITED FIGURES FOR THE HALF YEAR ENDED 30th SEPTEMBER 2001
                                                                 2001     2000
                                                                £,000    £'000

BALANCE SHEET

Investments at valuation                                      100,776   227,402

Net current Assets                                             10,112    47,982

Creditors: amounts falling due after more than one            (3,907)  (45,414)
 Year
                                                              _______    ______
Total net assets                                              106,981   229,970
                                                                =====     =====
Net asset value per ordinary share                             220.7p    407.9p

CASH FLOW STATEMENT

                                                                 2001      2000
                                                                £'000     £'000

Net cash inflow from operating activities                       (814)   (1,604)

Net cash outflow from returns on investment and servicing of    (818)     (789)
finance

Net cash inflow/(outflow) from capital expenditure and         10,747 (356,172)
financial investment

Net cash (outflow)/inflow from financing                     (38,814)   405,017
                                                              _______    ______
(Decrease)/Increase in cash for the period                   (29,699)    46,452
                                                                =====      ====



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 year ended 31st March
2001. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.

JP MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED