Interim Results

SchroderJapan Growth Fund PLC
15 March 2000


                                 Interim Results

The Directors of Schroder Japan Growth Fund plc announce the unaudited interim
results for the six months ended 31 January 2000:
                                        
                      Six months ended      Six months ended
                       31 January 2000       31 January 1999
                    Revenue  Capital   Total  Revenue  Capital  Total
                    £'000      £'000   £'000    £'000    £'000  £'000

Realised surplus        -     16,855  16,855        -      970    970
on sales of
investments

Realised exchange       -        418     418        -    1,275  1,275
rate surplus

Unrealised surplus      -        506     506        -    9,461  9,461
on investments

Unrealised              -     (1,539) (1,539)       -   (2,503)(2,503)
exchange rate
deficit on the
loan facility

Realised net gain       -          -       -        -       26     26
on forward foreign
exchange transactions

Dividend Income       439          -     439      251        -    251

Income from bonds      35          -      35       17        -     17

Bank deposit            6          -       6       86        -     86
interest

Investment           (786)         -    (786)    (447)       -   (447)
management fee

Administrative       (138)         -    (138)    (102)       -   (102)
expenses

(Deficit)/Return     (444)    16,240  15,796     (195)   9,229  9,034
before finance                         
costs and taxation

Interest payable     (161)         -   (161)      (99)       -    (99)

(Deficit)/Return     (605)    16,240 15,635      (294)   9,229  8,935
on ordinary activities
before taxation

Tax on ordinary      (70)          -    (70)      (38)       -   (38)
activities

(Deficit)/Return    (675)     16,240 15,565      (332)   9,229  8,897
attributable to           
equity shareholders

(Deficit)/Return    (0.54)     12.99  12.45     (0.27)    7.38   7.11
per ordinary share    
                    Pence      Pence  Pence      Pence   Pence  Pence


                                 Six months     Six months
                                  ended 31       ended 31
                                January 2000   January 1999
Abridged Cash Flow Statement        £'000         £'000
                                                     
Net cash outflow from operating      (858)            (173)
activities
                                               
Net cash outflow from servicing      (150)             (83)
of finance
                                               
Tax paid                              (68)             (52)
                                               
Net  Cash Inflow/(Outflow) from      9,458          (1,485)
financial investment
                                               
Net Cash Inflow from financing         418            1,264
                                                           
Net cash Inflow/(Outflow)            8,800            (529)

                                  As at 31       As at 31
                                January 2000   January 1999
Assets                              £'000         £'000
                                                     
Listed  investments  at  market    153,564           88,725
value
                                                           
Net current (liabilities)/assets    (5,920)           5,328

Creditors: amounts falling  due    (8,645)         (13,087)
after one year
                                                           
Net Assets                         138,999           80,966
                                                           
Net  asset  value per  share  -    111.20p           64.77p
undiluted

Net asset value per share -        109.33p           70.64p
diluted


The  following is the text of the Investment Manager's Review for the six months
ended 31 January 2000:

'Performance

The  Company's net asset value per share rose by 12.6% during the six months to
31st  January, 2000 compared to a rise in the Tokyo Stock Exchange  (TSE) First
Section Index in sterling terms of 23.8%.

The  poor performance over the period stemmed primarily from two factors. First
the  investment portfolio is underweight in software and internet  stocks which
performed  spectacularly well over the period.  The underweight position in IT
was the result of not investing in a number of stocks because of their extremely
high  valuations.  Secondly, the investment portfolio has a significant exposure
(about 25% of the fund) to smaller stocks which fell sharply over the period
despite the market's advance.

The  market's rise was dominated by strength in technology and internet  related
stocks and was highly concentrated.  There was, however, also evidence of a more
broadly   based  improvement  in  profitability  which  in  part  reflects  the
stabilisation  in  the economy but also was the result of greater restructuring
efforts by Japanese management.

The  average prospective PER of the fund is currently 28x, compared with 46x for
the market.  The portfolio holdings are expected to have average earnings growth
in  excess of 20% this year and next.  The fund multiple of 28x compares to  our
estimate  of an average PER of 515x for the eight largest 'New Japan' technology
stocks.

'Stock market Outlook

Continued  strength  in  the market is likely to be  dependent  on  whether the
economy can maintain its slow recovery and on further efforts to restructure by
companies.

The economic background has improved moderately.  Business confidence has  been
rising and, combined with signs of improving profitability and the requirement
for greater investment  in  information  technology,  this  does  seem  to  be
generating a recovery in private capital investment.  Leading indicators such as
machinery orders support an optimistic outlook for this year.  In addition,  the
stabilisation  of  the Yen and strength of overseas economies,  particularly  in
Asia,  have  improved the outlook for exports.  The main risks remain  the  very
large  government deficit and the continuation of relatively high  unemployment,
but  overall  real  economic growth should nevertheless  exceed  the  growth  of
approximately 0.6% seen in 1999.

Restructuring news continues to be favourable.  In particular,  there  is  more
evidence of companies closing businesses and seeking alliances and  mergers,
which  we  consider  to be more valuable restructuring, than simply  a  greater
attention  to costs.  A further stimulus to companies may eventually come  from
the  beginning  of  hostile take-over activity which would add  to pressure  on
existing  management to improve profits and their own share prices.  Two  small
bids  have  been  made  at  the  beginning of  this  year  and additional  more
significant bids look likely over the course of the next few years.

'Investment Policy

The policy remains focussed on businesses where we can find both earnings growth
prospects and reasonable valuations.  The avoidance of stocks with exceptionally
high valuations has hurt performance over the past six months but we expect that
the  combination of a broader improvement in profits, greater restructuring  and
more  take-over  activity should encourage a less concentrated market than the
current focus on technology and the internet.

The  investment portfolio is relatively heavily exposed to the  electrical  and
machinery sectors  where  we see good earnings momentum  helped  by  technology
related spending, and  a broader recovery in capital  investment.   We  remain
relatively cautious of banks, reflecting concern about the extent  of  earnings
recovery, and telecommunications where we believe valuations are in many  cases
excessive.  Overall the investment portfolio is positioned for a broadening  of
the stockmarket from its current narrow focus.

Schroder Investment Management International Limited'


Statement by the Board

Proposals to enable the Company to Purchase its own Shares

Your Board  has  continued  to examine possible options  designed  to  maximise
shareholder value,  and has resolved to seek shareholders' and  warrantholders'
approval  to the implementation of a share repurchase scheme. Shareholders  and
warrantholders will therefore receive a Circular in April 2000, which  explains
the  nature of the scheme and convenes an Extraordinary General Meeting  and  a
separate meeting of the warrantholders, at which shareholder and  warrantholder
approval to the proposals will be sought.


Interim Report

The Interim  Report will be sent by mail to shareholders and warrantholders  at
their registered addresses in April 2000 and from the date of release, copies of
the Interim Report will be made available to the  public  at  the  Company's
registered office:  31 Gresham Street, London, EC2V 7QA.


Enquiries:                               Schroder Investment Management Limited
Christine Higgens                                               (0171 658 3496)
15 March 2000                         (e-mail  [e-mail])