Currency Hedge

Fleming Japanese Inv Trust PLC
14 January 2003


                       LONDON STOCK EXCHANGE ANNOUNCEMENT

                   THE FLEMING JAPANESE INVESTMENT TRUST PLC

                                 CURRENCY HEDGE

14th January 2003

The Company announces that it has today transacted a 12 month forward sale of Y
against £ which is equal to approximately 10% of gross assets.

This hedge has been initiated to reduce the effect of any downward move in the
yen on the Company's UK based shareholders, caused by policies initiated by the
Bank of Japan and Japanese government to end deflation in Japan and boost
economic growth.

Fraser Easton
For and on behalf of
JPMorgan Fleming Asset Management (UK) Limited - Secretary

For further information:

Stephen Mitchell or Fraser Easton
JPMorgan Fleming Asset Management (UK) Limited               020 7742 6000


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