Currency Hedge

Fleming Japanese Inv Trust PLC
9 November 2001

                         STOCK EXCHANGE ANNOUNCEMENT


                  THE FLEMING JAPANESE INVESTMENT TRUST PLC


                                CURRENCY HEDGE



The Company announces that as the existing currency hedge is close to maturity
it has today entered into a currency transaction effectively rolling the hedge
for a further 12-month period.  The initial hedge was short yen-long sterling
and has yielded a significant profit over its term.  The new short sale is
equal to 20% of assets.


The hedge has been maintained to protect shareholders against any downward
move in the yen caused by the current economic uncertainties affecting the
banking sector in Japan.  The investment manager remains optimistic about the
effect of a weaker yen on Japan's blue chip exporters.


9th November 2001


For and on behalf of

J.P.Morgan Fleming Asset Management (UK) Limited - Secretary


For further information:

Fraser Easton

J.P.Morgan Fleming Asset Management (UK) Limited ........... 020 7742 6000