Interim Results

Fleming Japanese Inv Trust PLC
30 April 2002



                   THE FLEMING JAPANESE INVESTMENT TRUST PLC

PRELIMINARY ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED 31ST MARCH
                                      2002
                         _____________________________


Review

The net asset value total return over the six-month period was 8.6% which
compared favourably with a decrease of 3.9% in the Benchmark index, the Tokyo
Stock Exchange 1st Section Index expressed in sterling terms.  The share price
rose by 12.3%, reflecting the increase in net asset value and a decrease in the
discount from 17.3% to 14.5%.

Although falling in sterling terms, the Japanese market rose 3.6% in yen terms,
regaining in the process some of the ground it lost over the summer and in the
immediate aftermath of the terrorist attacks in September.  The portfolio
remained fully exposed to the market over the period, though a reduction in
borrowing and the effects of share buy-backs led to a fall in total assets.



For the period under review many of the best performers in the market were
concentrated into a few main areas.



Firstly, technology stocks, which had been one of the worst segments over the
summer months, bounced back strongly as investors started to take the view that
inventory correction was nearing completion, that year-on-year orders would soon
start to recover and that valuations were simply too low.  As a result, the
share prices of bell-wether stocks such as Rohm and Murata, which both
manufacture electronic components, rose 68% and 24% respectively over the
period.  As the rally in technology stocks broadened out, many smaller, niche
companies such as Alps saw their share prices more than double.  The investment
managers' policy regarding such stocks had been to continue accumulating them
over the summer as they got cheaper, a strategy which was well rewarded in the
autumn.



Secondly, solid gains were posted by premium quality Japanese companies with
high export ratios, many of which had been sold off aggressively in September as
investors worried about the implications of the terrorist attacks in the USA.
Although their gains were concentrated in the earlier part of the period, stocks
such as Canon gained 44% between October and March, whilst Honda saw its share
price rise 39%.  The investment decision, not just to hold onto these shares
through their collapse in September, but to add more to positions in such
stocks, was a substantial boost to performance.


                                     - 2 -





The last six months have seen some important changes in the direction of the
Japanese economy,  Recent data, such as three straight months of industrial
inventory decline and improvements in output, suggests that if it has not
already bottomed, the Japanese economy is weakening at a far slower rate than it
was six months ago.  This is why, in the period from January to March, some of
the best performing stocks in Japan came from the machinery and economic
cyclical sectors.  Over the three months, for example, Koyo Seiko (bearings) saw
its share price rise 36% and Mori Seiki (machine tools) posted a price gain of
more than 35%.  With its overweight exposure to machinery and cyclical stocks,
Fleming Japanese benefited from these investments in the first quarter of the
current calendar year.





Outlook



Many Japanese companies will report full year earnings in May, together with
forecasts for the fiscal year to March 2003.  The levels at which they set their
targets for the new fiscal year will be a telling indicator of the levels of
corporate confidence following the improvements which many companies saw to
their business in the January to March period.  Based on those companies which
have so far released data, the outlook is better than had been expected, which
may explain the robustness of the Japanese market throughout April, despite
continued falls in NASDAQ.



The next step from an economic point of view is that some of the trends which
started to appear earlier in the year are confirmed as sustainable, rather than
as one-off occurrences.  These include the improvements in output, but more
importantly the early signs that consumption is close to having bottomed.
Several companies that the investment managers visited in February referred to
improved sales of women's clothing, and two convenience stores reported that
product prices had not fallen for the previous six months.  If this pattern
continues throughout the April-June quarter, it is likely to add weight to the
claim that the Japanese economy is indeed past the worse.

For further information, please contact Sara Waltham.............. 020 7742 5531



The Fleming Japanese Investment Trust plc
Unaudited figures for the six months ended 31 March 2002
Statement of Total Return (Unaudited)


                        Six months to 31 March 2002       Six months to 31 March 2001     Year to 30 September 2001

                          Revenue     Capital     Total   Revenue   Capital       Total   Revenue   Capital     Total
                            £'000       £'000     £'000     £'000     £'000       £'000     £'000     £'000     £'000


Realised gains/(losses)         -       1,981     1,981         -  (17,156)    (17,156)         -  (61,158)  (61,158)
on investments
Net change in                   -      20,122    20,122         - (187,386)   (187,386)         - (271,501) (271,501)
unrealised appreciation
Currency losses on cash
and short-term                  -     (1,374)   (1,374)         -   (4,832)     (4,832)         -   (7,554)   (7,554)
deposits held during
the period
Unrealised gain on              -       6,937     6,937     -        22,176      22,176         -    22,680    22,680
currency hedges
Change in unrealised                    1,788     1,788     -        16,480      16,480               8,526     8,526
gains on Yen loans
Realised gains/(losses)         -       3,601     3,601     -         (361)       (361)         -     5,267     5,267
on repayment of Yen
loan
Other capital charges           -           -         -     -           (9)         (9)                (20)      (20)
Overseas dividends          1,646           -     1,646     2,385         -       2,385     4,546         -     4,546
Stock lending fees             79           -        79        15         -          15        44         -        44
Deposit interest                7           -         7       164         -         164        42         -        42
                          _______    ________   _______    ______   _______    ________   _______   _______   _______

Gross return                1,732      33,055    34,787     2,564 (171,088)   (168,524)     4,632 (303,760) (299,128)
Management fee            (1,418)           -   (1,418)   (2,059)         -     (2,059)   (3,941)         -   (3,941)
Other administrative        (201)           -     (201)     (301)         -       (301)     (436)         -     (436)
expenses
Interest payable            (963)           -     (963)   (2,002)         -     (2,002)   (3,394)         -   (3,394)
                          _______     _______   _______    ______   _______     _______   _______   _______   _______

Return before taxation      (850)      33,055    32,205   (1,798) (171,088)   (172,886)   (3,139) (303,760) (306,899)
Taxation                    (247)           -     (247)     (357)         -       (357)     (681)         -     (681)
                           ______     _______   _______    ______   _______      ______   _______   _______   _______

Total return              (1,097)      33,055    31,958   (2,155) (171,088)   (173,243)   (3,820) (303,760) (307,580)
attributable to
ordinary shareholders
Return per ordinary       (0.57)p      17.21p    16.60p   (1.10)p  (87.36)p    (88.46)p   (1.95)p (155.10)p (157.05)p
share


The Fleming Japanese Investment Trust plc
Unaudited figures for the six months ended 31 March 2002


BALANCE SHEET                                                           31 March        31 March         30 Sept
                                                                            2002            2001            2001
                                                                           £'000           £'000           £'000

Investments at valuation                                                 458,223         651,297         494,828

Net current (liabilities)/assets                                           (319)          45,629           6,012

Creditors (amounts falling due after more than one year)                (26,069)       (149,107)        (87,357)
                                                                         _______         _______         _______
Total net assets                                                         431,835         547,819         413,483
                                                                           =====           =====           =====
Net asset value per ordinary share                                        229.3p          279.7p          211.1p

CASH FLOW STATEMENT
                                                                            2002            2001            2001
                                                                           £'000           £'000           £'000

Net cash inflow/(outflow) from operating activities                          145           (485)           (444)

Net cash outflow from returns on investments and servicing
of finance                                                                 (577)         (2,020)         (3,803)

Net cash inflow from capital expenditure and financial
investment                                                                64,421          28,341          59,435

Net cash outflow from financing                                         (92,923)         (1,048)        (40,449)
                                                                         _______          ______          ______
(Decrease)/Increase in cash for the period                              (28,934)          24,788          14,739
                                                                           =====            ====            ====
The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. Statutory accounts for the
year ended 30 September 2001 have been delivered to the Registrar of Companies.

J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED
30th April 2002


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