Interim Results

JPMorgan Japanese Inv. Trust PLC
21 June 2007


                       LONDON STOCK EXCHANGE ANNOUNCEMENT

                     JPMORGAN JAPANESE INVESTMENT TRUST PLC

                  UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS
                             ENDED 31ST MARCH 2007



Performance

Following the underperformance recorded by the Company in the year to 30th
September 2006, it is a disappointing result both for the Board and the Managers
to report a decline in net assets of 1.4% in the six months to 31st March 2007
when the Company's benchmark, the Tokyo Stock Exchange Index, rose by 3.4%. The
Board has expressed concern to the Manager with this continuing underperformance
and is working closely with them to improve investment performance going
forward.



Revenue and Dividends

The Company's revenue position has been transformed in recent years and a
revenue reserve of £2.5m has been established. In the absence of unforeseen
circumstances, it appears likely that the Company will be in a position to pay a
final dividend of around 2.0p per share in respect of the current financial
year. Any dividend payable would be paid at around the time of the Company's
Annual General Meeting in December 2007. I should stress at this stage that
dividend streams from Japan are not entirely predictable and that the level of
any payment made this year should not be taken as an indication of future
dividend payments.



Gearing

The Company's level of gearing was maintained in the region of 110-115% for much
of the period, apart from a tactical reduction to 106% made in late February to
counter the effects of a period of severe market volatility. The level of
gearing was then taken back to 115% as opportunities for reinvestment were
identified.



Change of Name

Following shareholder approval at the 2006 Annual General Meeting, the Company
changed its name from JPMorgan Fleming Japanese Investment Trust plc to JPMorgan
Japanese Investment Trust plc.



Outlook

Despite the ongoing growth of the economy, Japanese investors have maintained a
defensive outlook for much of the last year. Whilst the larger more defensive
stocks have benefited from this phenomenon, many of the smaller and mid-cap
stocks to whom the Company has significant exposure have suffered as a result.
The weakness of the yen and the attractiveness of sectors such as autos,
construction machinery and technology promise better for the portfolio going
forwards, but until consumers and investors throw off their caution, overall
returns may remain muted.



Jeremy Paulson-Ellis

Chairman



21st June 2007


For further information please contact:

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


JPMorgan Japanese Investment Trust plc
Unaudited figures for the six months ended 31st March 2007
Income Statement
                            (Unaudited)                              (Unaudited)                     (Audited)

                               Six months ended 31st March    Six months ended 31st  March    Year ended 30th September
                                           2007                           2006                          2006
                              Revenue     Capital     Total   Revenue   Capital      Total   Revenue   Capital     Total
                                £'000       £'000     £'000     £'000     £'000      £'000     £'000     £'000     £'000

(Losses)/gains from
investments held at fair
value through profit or
loss                                -     (8,998)   (8,998)         -   145,405    145,405         -     5,897     5,897
Income from investments         3,739           -     3,739     3,887         -      3,887     7,245         -     7,245
Other interest receivable
and similar income                317           -       317       611         -        611     1,205         -     1,205
                              _______    ________   _______    ______   _______   ________   _______   _______   _______

Gross return/(loss)             4,056     (8,998)   (4,942)     4,498   145,405    149,903     8,450     5,897    14,347

Management fee                  (321)     (1,284)   (1,605)     (355)   (1,419)    (1,774)     (702) (2,808)    (3,510) 
         
                                                                                                    
Other administrative
expenses                       (200)            -    (200)     (259)            -   (259)      (460)       -      (460)

                              _______    ________   _______    ______   _______   ________   _______   _______   _______

Net return/(loss) on
ordinary activities before
finance costs and taxation      3,535    (10,282)   (6,747)     3,884   143,986    147,870     7,288     3,089    10,377
Finance costs                    (59)       (237)     (296)      (47)     (189)      (236)      (89)     (358)     (447)

                              _______     _______   _______    ______   _______    _______   _______   _______   _______

Net return/(loss) on
ordinary activities before
taxation                        3,476    (10,519)   (7,043)     3,837   143,797    147,634     7,199     2,731     9,930

Taxation                        (865)         603     (262)     (272)         -      (272)     (507)         -     (507)

                              _______    ________   _______    ______   _______   ________   _______   _______   _______

Net return/(loss) on
ordinary activities after
taxation                        2,611     (9,916)   (7,305)     3,565   143,797    147,362     6,692     2,731     9,423

                               ______     _______   _______    ______   _______    _______    ______   _______    ______

Return/(loss) per share         1.41p     (5.35)p   (3.94)p     1.92p    77.39p     79.31p     3.60p     1.47p     5.07p
(note 2)



All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the period.

The 'Total' column of this statement is the profit and loss account of the
Company and the 'Revenue' and 'Capital' columns represent supplementary
information. The 'Total' column represents all the information that is required 
to be disclosed in a 'Statement of Total Recognised Gains and Losses' ('STRGL'). 
For this reason a STRGL has not been presented.



JPMorgan Japanese Investment Trust plc
Unaudited figures for the six months ended 31st March 2007
Reconciliation of Movements in Shareholders' Funds (Unaudited)






                                           Called up                   Capital
                                               share        Other   redemption    Capital    Revenue                    
                                             capital      reserve      reserve    reserve    reserve      Total
                                               £'000        £'000        £'000      £'000      £'000      £'000
                                                                                                         

At 30th September 2005                        46,450      166,791        2,512    295,299    (6,763)    504,289
Adjustment to opening shareholders funds
at 1st October 2005 to reflect the
adoption of bid prices                             -            -            -    (1,209)          -    (1,209)
Shares bought back and cancelled                (70)            -           70      (762)          -      (762)
Total return from ordinary activities              -            -            -      2,731      6,692      9,423
Unclaimed dividends returned in the year           -            -            -          -          7          7
 At 30th September 2006                       46,380      166,791        2,582    296,059       (64)    511,748
Shares bought back and cancelled                 (8)            -            8       (78)          -       (78)
Total (loss)/return from ordinary                  -            -            -    (9,916)      2,611    (7,305)
activities
At 31st March 2007                            46,372      166,791        2,590    286,065      2,547    504,365



JPMorgan Japanese Investment Trust plc
Unaudited figures for the six months ended 31st March 2007


BALANCE SHEET                                                       (Unaudited)     (Unaudited)          (Audited)
                                                                     31st March      31st March     30th September
                                                                           2007            2006               2006
                                                                          £'000           £'000              £'000

Fixed assets

Investments at fair value through profit or loss                        578,580         744,866            575,721

Current assets
Debtors                                                                   8,083          27,273              2,224

Cash at bank and in hand                                                  2,111             726                879
                                                                         10,194          27,999              3,103

Creditors : amounts falling due within one year                        (84,409)       (122,423)           (67,076)
Net current liabilities                                                (74,215)        (94,424)           (63,973)

Total assets less current liabilities                                   504,365         650,442            511,748

Total net assets                                                        504,365         650,442            511,748

Capital and reserves
Called up share capital                                                  46,372          46,450             46,380
Other reserve                                                           166,791         166,791            166,791
Capital redemption reserve                                                2,590           2,512              2,582
Capital reserve                                                         286,065         437,887            296,059
Revenue reserve                                                           2,547         (3,198)               (64)

Shareholders' funds                                                     504,365         650,442            511,748

Net asset value per share (note 3)                                       271.9p          350.1p             275.8p




                                                                    (Unaudited)     (Unaudited)          (Audited)
CASH FLOW STATEMENT                                                  31st March      31st March     30th September
Unaudited figures for the six months ended 31st March 2007                 2007            2006               2006
                                                                          £'000           £'000              £'000

Net cash inflow from operating activities                                   965             874              3,667
Net cash outflow from returns on investments and servicing
of finance
                                                                          (272)           (236)              (478)
Net cash (outflow)/inflow from capital expenditure and
financial investment
                                                                       (14,963)        (10,821)              4,573
Net cash inflow /(outflow) from financing                                11,445          11,251            (6,703)

(Decrease)/increase in cash for the period                              (2,825)           1,068              1,059


Notes to the Accounts



1. Accounting policies

The accounts have been prepared in accordance with United Kingdom Generally
Accepted Accounting Practice ('UK GAAP') and with the Statement of Recommended
Practice 'Financial Statements of Investment Trust Companies' dated 31st
December 2005.

All of the Company's operations are of a continuing nature.

The accounting policies applied to these interim accounts are consistent with
those applied in the accounts for the year ended 30th September 2006.

2. Return/(loss) per share


                                                                (Unaudited)      (Unaudited)         (Audited)
                                                           Six months ended Six months ended        Year ended
                                                            31st March 2007  31st March 2006    30th September
                                                                                                          2006
Return / (loss) per share is based on the                             £'000            £'000             £'000
following
Revenue return
Capital (loss) / return                                               2,611            3,565             6,692
                                                                    (9,916)          143,797             2,731
                                                                    _______           ______            ______
Total (loss) / return                                               (7,305)          147,362             9,423
                                                                     ======           ======             =====
Weighted average number of shares in issue                      185,503,457      185,801,919       185,699,611

Revenue return per share                                              1.41p            1.92p             3.60p
Capital (loss) / return per share                                   (5.35)p           77.39p             1.47p
                                                                    _______           ______            ______
Total (loss) / return per share                                     (3.94)p           79.31p             5.07p
                                                                     ======           ======             =====

3. Net asset value per share

Net asset value per share is based on the net assets attributable to the
ordinary shareholders' of £504,365,000 (31st March 2006: £650,442,000 and 30th
September 2006: £511,748,000) and on the 185,489,919 (31st March 2006:
185,801,919 and 30th September 2006: 185,521,919) shares in issue at the period
end.

4. Accounts for the year ended 30th September 2006

The figures and financial information for the year ended 30th September 2006 are
extracted from the latest published accounts of the Company and do not
constitute statutory accounts for that year. Those accounts have been delivered
to the Registrar of Companies and included the report of the auditors which was
unqualified and did not contain a statement under either section 237(2) or 237
(3) of the Companies Act 1985.

JPMORGAN ASSET MANAGEMENT (UK) LIMITED



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