Reduction in Gearing

JPMorgan Fleming Japanese IT PLC
15 May 2006




                 JPMorgan Fleming Japanese Investment Trust plc





15th May 2006


Reduction in Gearing



JPMorgan Fleming Japanese Investment Trust plc announces that on Friday 12th May
2006 it reduced its gearing level from 114% to 105%.  The Managers remain
confident about the long term outlook for the Japanese economy, but are
conscious that global concerns over commodity prices and inflation are causing
volatility in the markets.



For further information, please contact;


Andrew Norman
JPMorgan Asset Management - Secretary

020 7742 6000




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