Interim Management Statement

SchroderJapan Growth Fund PLC
27 November 2007


                         SCHRODER JAPAN GROWTH FUND PLC


Interim Management Statement for the Quarter ended 31 October 2007


The Board of Schroder Japan Growth Fund Plc ('the Company') is pleased to
announce its first Interim Management Statement as required by the UK Listing
Authority's Disclosure and Transparency Rules. This Statement is in respect of
the period from 1 August 2007 to 31 October 2007.


Investment Objective


The Company's principal investment objective is to achieve capital growth from
an actively managed portfolio principally comprising securities listed on the
Japanese stock markets, with the aim of achieving growth in excess of the TSE
First Section Total Return Index over the longer term.


Material Events or Transactions


The Company announced on 12 November that Andrew Rose was taking responsibility
within Schroders, for the investment management of the Company's portfolio with
immediate effect. Andrew is a Fund manager for Japanese Equity portfolios, based
in London and was Head of Japanese Equities at Schroders from 2001 until 2006 in
Tokyo.


There have been no other material events or transactions that have taken place
between 1 August 2007 and the date of publication of this Statement.


Annual General Meeting


The Annual General Meeting of the Company was held on 7 November 2007. All
resolutions set out in the Notice of Meeting were duly passed.


Company Statistics as at 31 October 2007

Gross Assets                                         £151.83 million
Net Asset Value per Ordinary Share                   104.75p
Share Price                                          95.50p
Premium/(Discount)                                   (8.83%)
Number of Holdings                                   71
Net Gearing                                          13.75%
Yield                                                0.00%


Cumulative Performance to 31 October 2007 (Total Return in percentage terms)


Performance over                               3m            6m            1yr
Share Price                                    (3.8)         (5.9)         (7.3)
Net Asset Value                                (3.4)         (3.1)         (6.0)
Japan TSE First Section                        (3.7)         (4.5)         (5.5)

All Performance Data Source: Fundamental Data.


Portfolio Information as at 31 October 2007


Ten Largest Holdings

Stock Name                Sector Classification     Market Value (£)          Percentage of NAV
                                                                              (%)

Toyota Motor              Consumer Goods                    9,025,656                6.89
Mitsui & Company          Industrials                       8,425,499                6.43
Takeda Pharmaceutical

                          Healthcare                        5,291,805                4.04
Bridgestone               Consumer Goods                    4,948,540                3.78
East Japan Railway        Consumer Services                 4,598,828                3.51
Ricoh                     Technology                        4,491,407                3.43
Sumitomo Mitsui Financial Financials

                                                            4,422,598                3.38
Tachihi Enterprise        Financials                        4,022,322                3.07
Asahi Glass               Industrials                       3,741,493                2.86
T&D Holdings              Financials                        3,277,408                2.50


Sector Allocation


Sector                                                          Percentage of NAV (%)


Industrials                                                             27.64
Financials                                                              27.24
Consumer Goods                                                          19.22
Consumer Services                                                       12.51
Basic Materials                                                         12.29
Healthcare                                                               5.69
Technology                                                               4.57
Telecommunications                                                       3.83
Other net liabilities                                                  (12.99)


Changes to Share Capital during the quarter ended 31 October 2007


                                                     Issued Ordinary shares of 25p each


As at 31 July 2007                                   125,008,200
Shares bought back and cancelled during the period   Nil
Shares bought for holding in treasury during the     Nil
quarter
Shares already held in treasury                      Nil
Shares cancelled from treasury                       Nil
Shares remaining in issue as at 31 October 2007      125,008,200



Company Information as at 31 October 2007


SEDOL Code                                   0802284
Sector                                       Equity Investment Instruments
Launch Date                                  July 1994
Financial Year End                           31 July
Next AGM Date                                November 2008


Enquiries:

John Spedding

Schroder Investment Management Limited

Company Secretary

Tel: [phone]



27 November 2007

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