Interim Results

SchroderJapan Growth Fund PLC
23 March 2005


                                                                   23 March 2005



Press Release



                                Interim Results





The Directors of Schroder Japan Growth Fund plc announce the unaudited interim
results for the six months ended 31 January 2005.


                                                 For the six months ended          For the six months ended
                                                          31 January 2005                   31 January 2004
                                            Revenue    Capital      Total     Revenue    Capital      Total
                                              £'000      £'000      £'000       £'000      £'000      £'000
Gains on investments                              -      3,036      3,036           -      8,232      8,232
Realised exchange rate gains /(losses)            -        135        135           -       (13)       (13)
Unrealised exchange losses on the loan            -      (765)      (765)           -      (118)      (118)
facility
Income                                          680          -        680         608          -        608
Investment management fee                     (644)          -      (644)       (593)          -      (593)
Administrative expenses                       (225)          -      (225)       (207)          -      (207)
(Deficit)/return before finance costs,        (189)      2,406      2,217       (192)      8,101      7,909
taxation and gain on  expiry of
warrants
Realised gain on expiry of warrants               -      9,637      9,637           -          -          -
Interest payable                               (77)          -       (77)       (135)          -      (135)
(Deficit)/return on ordinary                  (266)     12,043     11,777       (327)      8,101      7,774
activities before taxation
Tax on ordinary activities                     (47)          -       (47)        (60)          -       (60)
(Deficit)/return attributable to              (313)     12,043     11,730       (387)      8,101      7,714
equity shareholders
(Deficit)/return per ordinary               (0.25)p      9.63p      9.38p     (0.31)p      6.48p      6.17p
share-pence





                                                           Six months ended              Six months ended
                                                                  31 January 2005
                                                                                          31 January 2004
Abridged Cash Flow Statement                                                £'000                   £'000

Net cash (outflow)/inflow from operating activities                         (120)                     197

Net cash outflow from returns on investments and servicing of               (162)                   (152)
finance

Total tax paid                                                               (53)                    (52)

Net cash  inflow from financial investment                                     48                      77

Realised exchange rate movements                                              135                    (13)

Net cash (outflow)/inflow                                                   (152)                      57


                                                            As at 31 January 2005      As at 31 July 2004
Assets                                                                      £'000                   £'000

Listed investments                                                        130,300                 127,535

Net current liabilities                                                  (16,943)                (16,276)

Creditors: amounts falling due after one year                                   -                       -

Net Assets                                                                113,357                 111,259

Net asset value per share - undiluted pence                                90.68p                  89.00p


Net asset value per share - diluted pence                                       -                     N/A





The Board of Directors approved this statement on 23 March 2005.



Notes

1.The above financial information is unaudited and does not amount to statutory
accounts under Section 240 of the Companies Act 1985 (as amended).  The
information given for the financial year ended 31 July 2004 does not constitute
the Company's statutory accounts for that financial year.  Statutory accounts
for the financial year ended 31 July 2004 have been reported on by the Company's
auditors and delivered to the Registrar of Companies.  The report of the
auditors was unqualified and did not contain a statement under Section 237(2) or
(3) of the Companies Act 1985.



2.This announcement is prepared on the basis of the accounting policies as set
out in the most recent published set of annual financial statements.



3.Of the 24,996,500 warrants outstanding at 31 July 2004, 4,700 were exercised
on 30 November 2004. Each warrant entitled the holder to subscribe for one
ordinary share of 10p at a price of £1.00. The balance of warrants expired
unexercised on the last possible exercise date - 30 November 2004.


          The following is the text of the Investment Manager's Review

                    for the six months ended 31 January 2005



Performance



During the six months to January 31st 2005 the benchmark Index rose slightly in
local currency terms, by 1.1%. However, in sterling terms, the benchmark Index
increased by 5.0% over the period, with most of the increase coming from a rise
in the yen relative to sterling. In local currency terms the market was
concerned with a general lowering in short-term growth expectations, and with
reduced buying by foreigners.

Within the market, sectors with a domestic focus were the best performers as
concerns about the stronger yen hit exporters, and particularly autos and
tech-related companies. Financials, construction and real estate outperformed,
while more defensive domestic sectors like rail companies and pharmaceuticals
underperformed.

The Company's net asset value rose 1.9% in sterling terms over the period.
Underperformance came mainly from the underweight position in banks, where there
were positive announcements on credit ratings and public debt repayments, and
from downward earnings revisions at a small number of the portfolio's holdings.



Outlook



Recent macro and micro economic releases remain consistent with our central view
that year on year GDP growth in Japan has passed a cyclical peak, but will
remain positive. At a corporate level the prospects for profit growth remain
healthy as lean companies on a sound financial footing continue to find cost
savings in an environment of modest turnover gains. We think this will underpin
the stockmarket.



The chief threats to this scenario remain further yen strength hitting
competitiveness or an early tightening of fiscal/monetary policy by the
government.  We do not believe that either of these outcomes is likely.



Investment Policy



While there was some performance recovery by higher-quality companies last year
as investors adjusted excessive expectations for growth, there has not yet been
a reduction in the valuation gap between high and low quality companies that
opened in 2003.  The portfolio's 'quality' bias has so far only ceased to be a
negative.  We believe that this remains a major opportunity for relative
performance, and expect stocks with above average growth prospects, stronger
than average finances and below average valuations to outperform.



The portfolio retains its focus on more defensive domestic stocks and the
beneficiaries of continued growth in exports. An overweight position in smaller
companies, particularly those with the potential to improve returns to
shareholders, has also been maintained, albeit at lower levels than before.
Throughout the portfolio, the emphasis remains on well-managed,
strongly-financed companies, and our optimism on the market is partly a function
of the opportunity to buy these companies on below-average ratings. Effective
net gearing at the end of January was 14.7%.





Schroder Investment Management Limited
23 March 2005




Interim Report

The Interim Report will be mailed to registered shareholders at their registered
addresses. Copies of the Interim Report will be made available from the date of
release at the Company's registered office, 31 Gresham Street, London, EC2V 7QA.



Enquiries:                                Schroder Investment Management Limited
John Spedding                                                    (0207 658 3206)
23 March 2005




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