Interim Results

JPMorgan Fleming Japanese IT PLC
25 May 2006


                       LONDON STOCK EXCHANGE ANNOUNCEMENT


                 JPMORGAN FLEMING JAPANESE INVESTMENT TRUST PLC


       UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31ST MARCH 2006



Performance

Over the six months to 31st March 2006, the Tokyo Stock Exchange First Section
(TOPIX) Index rose by 20.6%, whilst the Company achieved a total return on net
assets of 29.5%, an outperformance of 8.9%. Following on from the positive
returns achieved over the year to 30th September 2005, these results are
extremely pleasing and reflect the conviction with which the Managers have
viewed the Japanese market in recent times.



Board

During the period under review, Blaise Hardman, who has been a Director and
Chairman of the Audit Committee since 1996, decided to retire. The Directors
would like to thank Blaise for the outstanding contribution he has made during
his time on the Board and wish him well for the future. Blaise was replaced by
Alan Barber who I am delighted to welcome to the Board. Alan has a wealth of
investment trust experience and was previously a Partner at auditors KPMG for 25
years. Alan will serve the Board as Chairman of the Audit Committee and I am
confident that he will make a significant contribution to the Board's future
deliberations.



Investment Manager

Jonathan Dobson, who has assisted in running the Company's portfolio since June
2001, resigned from JPMorgan Asset Management on 27th February 2006. Stephen
Mitchell, who has been the lead investment manager since 1997, has assumed sole
responsibility for managing the investment portfolio.



Outlook

In my year end statement I commented that the prolonged stagnation of the
Japanese economy might be coming to an end. Certainly the performance of the
stock market, and the Company's results over the last eighteen months,
notwithstanding the recent correction in stock valuations, seem to bear this
out. The Managers are convinced that economic growth is sustainable and are
particularly encouraged by the re-election of Prime Minister Koizumi, falling
unemployment rates and the Bank of Japan's recent decision to end its '
ultra-loose' monetary policy. They are confident that they have identified a
significant number of attractively valued companies predominantly in the
domestic real estate, finance and services sectors which have the potential to
grow their earnings consistently over a number of years.



Jeremy Paulson-Ellis


Chairman


25th May 2006


For further information please contact:



Andrew Norman, JPMorgan Asset Management (UK) Limited .......020 7742 6000



JPMorgan Fleming Japanese Investment Trust plc -

Unaudited figures for the six months ended 31 March 2006

Income Statement

                     Six months to 31 March 2006       Six months to 31 March 2005        Year to 30 September 2005    

                   Revenue     Capital      Total    Revenue     Capital      Total     Revenue    Capital      Total 
                    Return      Return     Return     Return      Return     Return      Return     Return     Return 
                     £'000       £'000      £'000      £'000       £'000      £'000       £'000      £'000      £'000 
                                                                                                                      
  Realised                                                                                                            
  gains on                
  investments            -      52,709     52,709          -       9,067      9,067           -     31,008     31,008   
                                                                                        
  Unrealised                                                                                                          
  gains on               
  investments            -      92,943     92,943          -      24,199     24,199           -     77,306     77,306   
  Net currency                                                                                                        
  (losses)/gains                                                                                                      
  on cash and                                             -                                                          
  short-term             
  deposits               -     (1,233)    (1,233)                  (282)      (282)           -        356        356   
                                                                                          
  Realised                                                                                                            
  gains on               
  currency                                                                                                            
  hedges                 -           -          -          -           -          -           -          1          1   
  Realised loss                                                                                                       
  on currency            
  future                 -       (430)      (430)          -           -          -           -          -          -   
  Unrealised                                                                                                          
  currency               
  gains on Yen                                                                                                        
  loans                  -       1,415      1,415          -         794        794           -        161        161   
  Realised                                                                                                            
  currency                                                                                                            
  losses on              
  repayment on                                                                                                        
  Yen loan               -           -          -          -           -          -           -      (178)      (178)   
                                                                                          
  Other capital          
  items                  -           1          1          -         (1)        (1)           -        (9)        (9)   
                                                                                          
  Overseas           
  dividends          3,887           -      3,887      2,333           -      2,333       4,983          -      4,983   
                                                                                              
  Stock lending        
  fees                 607           -        607        529           -        529       1,547          -      1,547   
                                                                                            
  Deposit                
  interest               4           -          4          3           -          3           7          -          7   
                   _______    ________    _______    _______    ________    _______     _______    _______    _______ 
  Gross revenue                                                                                                       
  and capital        
  returns            4,498     145,405    149,903      2,865      33,777     36,642       6,537    108,645    115,182   
                                                                                              
  Management fee     (355)     (1,419)    (1,774)      (281)     (1,124)    (1,405)       (571)    (2,285)    (2,856) 

  Other                                                                                                               
  administrative     
  expenses           (259)           -      (259)      (244)           -      (244)       (439)          -      (439)   
                   _______    ________    _______    _______    ________    _______     _______    _______    _______ 
  Net return                                                                                                          
  before                                                                                                              
  finance costs      
  and taxation       3,884     143,986    147,870      2,340      32,653     34,993       5,527    106,360    111,887   
                                                                                              
  Finance costs       (47)       (189)      (236)       (34)       (136)      (170)        (66)      (265)      (331) 
                   _______     _______    _______    _______     _______    _______     _______    _______    _______ 
  Return before                                                                                                       
  taxation           3,837     143,797    147,634      2,306      32,517     34,823       5,461    106,095    111,556 

  Taxation           (272)           -      (272)      (163)           -      (163)       (349)          -      (349) 
                    ______     _______    _______     ______     _______    _______     _______    _______    _______ 
  Total return                                                                                                        
  on ordinary                                                                                                         
  activities         
  after taxation     3,565     143,797    147,362      2,143      32,517     34,660       5,112    106,095    111,207   
                                                                                              
  Return per                                                                                                          
  ordinary share     1.92p      77.39p     79.31p      1.15p      17.50p     18.65p       2.75p     57.10p     59.85p 



JPMorgan Fleming Japanese Investment Trust plc -

Unaudited figures for the six months ended 31 March 2006


Reconciliation of Movements in Shareholders' Funds


                                         Capital       Capital         Capital                                        
                            Share     redemption       reserve       reserve -       Revenue         Other            
                         Capital        reserve      -realised     unrealised       reserve        reserve      Total 
                           £'000          £'000         £'000           £'000         £'000         £'000       £'000 

  At 30th                 
  September 2004          46,450          2,512       179,034          10,170      (11,875)       166,791     393,082   
                                                                                         
  Net capital                                                                                                         
  return from                  
  ordinary                                                                                                            
  activities                   -              -        35,980          70,115             -             -     106,095   
                                                                                    
  Net revenue                                                                                                         
  return from                  
  ordinary                                                                                                            
  activities                   -              -             -               -         5,112             -       5,112   
                                                                                    
  At 30th                 
  September 2005          46,450          2,512       215,014          80,285       (6,763)       166,791     504,289   
                                                                                         
  Adjustment to                                                                                                       
  opening                                                                                                             
  shareholders'                
  funds at 1st                                                                                                        
  October 2005 to                                                                                                     
  reflect the                                                                                                         
  adoption of bid                                                                                                     
  prices                       -              -             -         (1,209)             -             -     (1,209)   
                                                                                    
  Net capital                                                                                                         
  return from                  
  ordinary                                                                                                            
  activities                   -              -        93,430          50,367             -             -     143,797   
  Net revenue                                                                                                         
  return from                  
  ordinary                                                                                                            
  activities                   -              -             -               -         3,565             -       3,565   
                         _______       ________      ________         _______       _______      ________    ________ 
  At 31st March           
  2006                    46,450          2,512       308,444         129,443       (3,198)       166,791     650,442   
                                                                                         

JPMorgan Fleming Japanese Investment Trust plc -

Unaudited figures for the six months ended 31 March 2006 
 

                                                                                                                      
  BALANCE SHEET                                                                 31st March    31st March    30th Sept 
                                                                                      2006          2005         2005 
                                                                                     £'000         £'000        £'000 
                                                                                                                      
  Investments at fair value through profit or loss                                 744,866       483,057      574,903 
                                                                                                                      
  Net current liabilities                                                         (94,424)      (55,315)     (70,614) 
                                                                                   _______       _______      _______ 
  Total net assets                                                                 650,442       427,742      504,289 
                                                                                     =====         =====        ===== 
  Net asset value per ordinary share                                                350.1p        230.2p       271.4p 
                                                                                                                      
  CASH FLOW STATEMENT                                                                                                 
                                                                                      2006          2005         2005 
                                                                                     £'000         £'000        £'000 
                                                                                                                      
  Net cash inflow from operating activities                                            874           527        2,763 
                                                                                                                      
  Net cash outflow from returns on investments and servicing of finance              (236)         (112)        (284)   
                              
                                                                                                                      
  Net cash (outflow)/inflow from capital expenditure and financial                                                    
  investment                                                                      (10,821)         4,377     (20,939) 
  Net cash inflow from financing                                                    11,251             -       17,929 
                                                                                   _______       _______       ______ 
  Increase/(decrease) in cash for the period                                         1,068         4,792        (531) 
                                                                                     =====         =====         ==== 


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 30th September 2005 have been delivered to the Registrar of
Companies.


JPMORGAN ASSET MANAGEMENT (UK) LIMITED


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