Purchase of Own Securities

Fleming Japanese Smaller Cos IT PLC
11 January 2002


                         STOCK EXCHANGE ANNOUNCEMENT


                    THE FLEMING JAPANESE SMALLER COMPANIES
                             INVESTMENT TRUST PLC

                REPURCHASE OF ORDINARY SHARES FOR CANCELLATION

The Fleming Japanese Smaller Companies Investment Trust plc announces that on
Friday 11th January 2002 in the market it purchased for cancellation 250,000
ordinary shares at 171p per share representing 0.53% of the ordinary shares in
issue.

The number of shares repurchased to date now totals 10,640,000.

The remaining shares in issue following this announcement are 46,604,423.


11th January 2002


For further information, please contact:

Hilary Lowe
For and on behalf of
J.P. Morgan Fleming Asset Management (UK) Limited
020 7742 3274

Alan Brierley
Dresdner Kleinwort Wasserstein Securities Limited- Stockbrokers to the Company
020 7475 6672