Reduction in Gearing

JPMorgan Japanese Inv. Trust PLC
01 March 2007


                     JPMorgan Japanese Investment Trust plc

1st March 2007


Reduction in Gearing

JPMorgan Japanese Investment Trust plc announces that by Tuesday 27th February
2007 it had reduced its gearing level from 114% to 106%.  The Managers believe
that the long term outlook for the Japanese economy remains attractive, but are
conscious that the current market volatility is causing uncertainty.

For further information, please contact;

Andrew Norman
JPMorgan Asset Management - Secretary

020 7742 6000



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