Interim Results

JPMorgan Fleming Japanese Smllr Cos
11 November 2002


                         STOCK EXCHANGE ANNOUNCEMENT

        JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST PLC


Unaudited Results for the six months ended 30th September 2002

Chairman's Statement

In the six month period the benchmark index on a total return basis fell by
6.9%, while the net asset value fell by 9.8%.  This underperformance is largely
attributable to a few stock positions in the portfolio which were relatively
overweight compared to the benchmark index, which failed to perform as well as
we had anticipated within this review period.  These positions have now been
reduced, and the portfolio has been adjusted towards a more conservative
investment approach and towards companies which are growing despite the poor
economic conditions and which have leadership positions in their relevant
sectors.



For and on behalf of JPMorgan Fleming Japanese Smaller Companies Investment
Trust plc.........................................................020 7742 6000


Hilary Lowe
J.P. Morgan Fleming Asset Management (UK) Limited.................020 7742 3274
Secretary

11th November 2002





JPMorgan Fleming Japanese Smaller Investment Trust plc
Unaudited figures for the six months ended 30th September 2002

Statement of Total Return (Unaudited)

                   Six months to 30th September 2002    Six months to 30th September 2001  Year to 31st March 2002
                         Revenue  Capital      Total   Revenue    Capital      Total Revenue     Capital     Total
                           £'000    £'000      £'000     £'000      £'000      £'000     £'000     £'000     £'000

Realised gains/                
(losses) on investments        -    2,004      2,004         -    (5,635)    (5,635)         - (15,337)   (15,337)
Net change in                  
unrealised depreciation        - (10,434)   (10,434)         -   (24,296)   (24,296)         -  (19,280)  (19,280)
Currency (loss)/gain           
on cash and short
term deposits held
during the year                -     (55)       (55)         -        176        176         -     (239)     (239)
Realised loss on               
repayment of yen loan          -    (326)      (326)         -       (55)       (55)         -      (55)      (55)
Other capital Charges          -     (27)       (27)         -       (17)       (17)         -         -         -
Income from investments      255        -        255       164          -        164       629         -       629
Other income                   1        -          1         5          -          5         6         -         6
                         _______  _______     ______    ______    _______    _______   _______   _______   _______

Gross return                 256  (8,838)    (8,582)       169   (29,827)   (29,658)       635  (34,911)  (34,276)

Management fee             (605)        -      (605)     (983)          -      (983)   (1,643)         -   (1,643)
Other administrative        
expenses                    (96)        -       (96)      (91)          -       (91)     (255)         -     (255)
Interest payable           (177)        -      (177)     (344)          -      (344)     (860)         -     (860)
                         _______  _______     ______   _______    _______    _______   _______   _______   _______

Return before taxation     (622)  (8,838)    (9,460)   (1,249)   (29,827)   (31,076)   (2,123)  (34,911)  (37,034)

Taxation                    (38)        -       (38)      (25)          -       (25)      (94)         -      (94)
                          ______  _______     ______    ______    _______    _______   _______   _______   _______

Return attributable        
to ordinary
shareholders               (660)  (8,838)    (9,498)   (1,274)   (29,827)   (31,101)   (2,217)  (34,911)  (37,128)
                           =====    =====      =====     =====      =====      =====     =====     =====     =====

Return per ordinary      
share                    (1.50)p (20.07)p   (21.57)p   (2.58)p   (60.49)p   (63.07)p   (4.62)p  (72.69)p  (77.31)p





JPMorgan Fleming Japanese smaller Investment Trust plc
Unaudited figures for the six months ended 30th September 2002

Balance Sheet                                                   30th September     30th September     31st March
                                                                          2002               2001           2002
Assets                                                                   £'000              £'000          £'000
Investments at valuation                                                77,978            100,776        100,925

Net current assets /(liabilities)                                        7,212             10,112        (3,276)
                                                                        ______            _______        _______

Total assets less current liabilities                                   85,190            110,888         97,649

Amounts falling due after more than one year                           (3,121)            (3,907)        (3,587)
                                                                       _______            _______        _______

Total net assets                                                        82,069            106,981         94,062
                                                                         =====              =====          =====

Number of ordinary shares in issue                                  43,254,423         48,469,423     44,714,423
Net assets value per share                                              189.7p             220.7p         210.4p




Cash Flow Statement
                                                                 Six months to      Six months to        Year to
                                                                30th September     30th September     31st March
                                                                          2002               2001           2002
                                                                         £'000              £'000          £'000

Net cash outflow from operating activities                               (465)              (814)        (1,348)

Net cash outflow from returns on investments and servicing               
of finance                                                               (645)              (818)        (1,461)

Net cash inflow from capital expenditure and financial                  
investment                                                              13,659             10,747          5,758

Net cash outflow from financing                                        (7,587)           (38,814)       (40,386)
                                                                       _______             ______         ______

Increase/(decrease) in cash for the period                               4,962           (29,699)       (37,437)
                                                                         =====               ====           ====


The above financial information does not constitute statutory accounts for the
six months ended 30 September 2002 or 2001.  The financial information for the
year ended 31st March 2002 is derived from the statutory accounts for that year
that have been delivered to the Registrars of Companies.  The auditors reported
on those accounts; their report was unqualified and did not contain a statement
under s237(2) or (3) Companies 1985.  The statutory accounts for the six months
ended 30 September 2002 will be finalised on the basis of the financial
information presented by the directors in this preliminary announcement and will
be delivered to the Registrar of Companies following the company's annual
general meeting.



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




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