Final Results

JPMorgan Fleming Japanese IT PLC
10 November 2004

                 JPMORGAN FLEMING JAPANESE INVESTMENT TRUST plc

                          STOCK EXCHANGE ANNOUNCEMENT

The Board of JPMorgan Fleming Japanese Investment Trust plc is pleased to
announce the Company's results for the year ended 30th September 2004.
Commenting on the results the Chairman has made the following statement:



Review

After an encouraging start, our year finished on a somewhat disappointing note.
Early optimism on growth gave way to concerns on oil prices and interest rates,
and doubts over China's economy. As a result, our share price ended the year
broadly unchanged on a year earlier.



For the year to 30th September, the net asset value per share fell by 3.8%,
which compares with a rise of 1.7% in our benchmark index, each of these being
affected by the fall in the yen against sterling. Our share price rose
fractionally as the discount narrowed from 14.5% to 10.9%.



The lacklustre market performance and the underperformance of our own portfolio
have been frustrating, as there has been increasing evidence of positive change.
The problems of the banking sector, which have hung as a dead weight over Japan
for the last decade, are slowly being resolved and bank lending is rising.
Within companies, there is continually increasing evidence of what some are
calling a new paradigm in Japanese corporate management behaviour. In place of
the old preoccupation with asset growth and turnover, which was to the principal
benefit of cross-shareholder and other business partners, there is now greater
focus on profit and return on equity and the interests of shareholders as a
whole. This year, returns on equity in corporate Japan are likely to reach
levels last seen 20 years ago, profit margins will reach record highs, and debt
levels continue to be paid down. Historic cross-shareholdings are being unwound,
there is more evidence of merger and acquisition activity and growth is being
seen in dividends and share buybacks.



The issue of change in corporate Japan has been a recurrent theme in past
statements and I am conscious that it has not always prevented stock market
disappointment. This year has proved no exception. In the short run it seems
inevitable that investors worldwide will remain anxious about high oil and
commodity prices, cooling growth in the USA and China, and the prospects for the
dollar. Until these are resolved it may be that the Japanese and other world
stock markets will make little headway. Within Japan, our managers are more
optimistic than the consensus on the immediate economic prospects and the
prospects for corporate profits growth. As a result they believe that Japanese
share valuations, for so long much more demanding than those in other world
markets, are now attractive compared with those elsewhere, and not just in
relative terms.



The Board

It was announced last year that Patrick Gifford and I would be retiring. The
Board commissioned an external search for new directors, specifying that at
least one should have had a high level investment management background, and one
should have had specific fund management experience in Japan. Andrew Fleming was
appointed to the Board on 22nd April. He spent six years in Japan running the
Tokyo office of Gartmore Investment Management and was Global Chief Investment
Officer for ABN AMRO Investment Management until earlier this year. Keith Percy
was appointed a director on 4th November. He is Chairman and Chief Executive of
Societe Generale Asset Management. Each submits himself for election at the AGM
and the Board warmly endorses both appointments.



Patrick Gifford retired as a Director of the Company on 28th July. As a former
Chairman and a Director since it became a specialist Japanese investment trust
in 1982, his contribution has been immense. I will be retiring at the conclusion
of this year's AGM. It has been my privilege to be a Director of the Company for
over 20 years and Chairman for the past 6 years. The Board has appointed Jeremy
Paulson-Ellis to succeed me as Chairman, and I am confident that I shall be
leaving the Company in good hands.



Authority to Repurchase the Company's Shares



At last year's AGM, shareholders granted the Directors authority to repurchase
up to 14.99% of the Company's shares for cancellation.  The Company did not
repurchase any shares for cancellation during the year. However, the Directors
believe the circumstances could again arise when the mechanism would be of
benefit to shareholders.  It is therefore proposed that the authority be renewed
for a further period.



Annual General Meeting



The Annual General Meeting of the Company will be held at 10 Aldermanbury,
London EC2V 7RF on 17th December 2004 at 2.00 p.m.  As has been the case in
previous years, the proceedings will include a presentation by the Investment
Managers. After the meeting, shareholders will be able to meet the Board and
representatives of JPMorgan Fleming.





David Ritchie

Chairman        10th November 2004


JPMorgan Fleming Japanese Investment Trust plc

Audited figures for the year ended 30th September 2004



Statement of Total Return


                                                    Year ended 30 September 2004       Year ended 30 September 2003
                                                     Revenue      Capital      Total      Revenue   Capital      Total
                                                       £'000        £'000      £'000        £'000     £'000      £'000

Realised (losses)/ gains on investments                    -     (19,442)   (19,442)            -    11,335     11,335
Net unrealised (losses)/gains on investments               -        (663)      (663)            -    62,079     62,079
Realised currency losses on cash and short-term
deposits held during the year                              -      (1,045)    (1,045)            -   (2,132)    (2,132)
Realised loss on currency hedge                            -         (94)       (94)            -         -          -
Realised currency losses on repayment of Yen               -            -          -            -     (481)      (481)
loans
Unrealised gains on currency hedges                        -            -          -            -     1,428      1,428
Net change in unrealised currency gains/
(losses) on Yen loans                                      -        4,486      4,486            -     (158)      (158)
Other capital items                                        -           28         28            -      (21)       (21)
Overseas dividends                                     4,509            -      4,509        3,443         -      3,443
Other income                                             763            -        763          831         -        831
                                                     _______     ________    _______      _______  ________    _______

Gross return/(loss)                                    5,272     (16,730)   (11,458)        4,274    72,050     76,324
Management fee                                         (570)      (2,279)    (2,849)        (412)   (1,647)    (2,059)
Other administrative expenses                          (469)            -      (469)        (405)         -      (405)
Interest payable                                        (81)        (322)      (403)        (166)     (660)      (826)
                                                     _______      _______    _______      _______   _______    _______

Return/(loss) on ordinary activities                   4,152     (19,331)   (15,179)        3,291    69,743     73,034
before taxation

Taxation on ordinary activities                        (318)            -      (318)      (1,062)       708      (354)

                                                     _______      _______    _______      _______   _______    _______

Return/(loss) on ordinary activities                   3,834     (19,331)   (15,497)        2,229    70,451     72,680
after taxation

Return/(loss) per ordinary share                       2.06p     (10.40)p    (8.34)p        1.19p    37.70p     38.89p


JPMorgan Fleming Japanese Investment Trust plc
Audited figures for the year ended 30th September 2004


BALANCE SHEET                                                                     30 Sept          30 Sept
                                                                                     2004             2003
                                                                                    £'000            £'000

Investments at valuation                                                          419,710          458,581

Net current liabilities                                                          (26,628)         (17,675)

Amounts falling due after more than one year                                            -         (32,327)
                                                                                  _______          _______
Total net assets                                                                  393,082          408,579
                                                                                    =====            =====
Net asset value per share                                                          211.6p           219.9p


CASH FLOW STATEMENT
                                                                                     2004             2003
                                                                                    £'000            £'000

Net cash inflow from operating activities                                           1,517            1,218

Net cash inflow from returns on investments and the servicing of
finance                                                                               956            6,178
                                                                                      


Net cash outflow from capital expenditure and financial investment                (1,988)         (25,774)

                                                                                  

Net cash inflow from financing                                                          -           20,659
                                                                                  _______          _______
Increase in cash for the year                                                         485            2,281
                                                                                    =====             ====






The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The comparative financial
information is based on the statutory accounts for the year ended 30th September
2003. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.


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


10th November 2004




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