Purchase of Own Securities

JPMorgan Fleming Japanese Smllr Cos
01 July 2003



                          STOCK EXCHANGE ANNOUNCEMENT

        JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST PLC

                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION


JPMorgan Fleming Japanese Smaller Companies Investment Trust plc announces that
on 26th June 2003 in the market they purchased for cancellation 230,000 ordinary
shares at 141p per share representing 0. 58% of the ordinary shares in issue.

The current repurchase authority for 6,608,255 shares was approved by
shareholders on 26th July 2002.  To date 4,675,000 shares have been repurchased
under this authority.

The remaining shares in issue following this repurchase total 39,409,423.



1st July 2003


For further information, please contact:

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



Gavin Tooke
Dresdner Kleinwort Wasserstein Securities Limited- Stockbrokers to the Company
020 7475 6685



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