AGM Statement

Fidelity Japanese Values PLC

At the Company's Annual General Meeting held on 10 May 2005, all resolutions
were duly passed. The resolutions passed under Special Business were as
follows:

  * The Directors' authority to allot a limited number of currently unissued
    ordinary shares for cash, without first offering such shares to existing
    ordinary shareholders pro-rata to their existing holdings, has been
    renewed.
   
  * The Company's authority to purchase up to 14,721,297 of its own shares for
    cancellation has been renewed. This represents approximately 14.99% of the
    number of ordinary shares in issue on 10 March 2005.
   
Contact for queries:

Name: Rebecca Burtonwood, Fidelity Investments International

Telephone: [phone]


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