Amendment to Annual Report and Accounts

The Board of Fidelity Japanese Values PLC announces that it has come to its
attention that the sector distribution information, which was included on page
15 of its recently published annual accounts for the year ended 31 December
2004, is incorrect. The correct information is set out in the table below:-

Distribution of the portfolio                                  
                                                               
                                                2004       2003
                                                               
                                                  %*         %*
                                                               
Services                                        13.4       11.9
                                                               
Wholesale Trade                                 11.9        4.9
                                                               
Machinery                                        9.4        8.1
                                                               
Electrical Machinery                             8.8       11.1
                                                               
Information and Communications                   7.8        9.1
                                                               
Retail Trade                                     7.4       13.2
                                                               
Glass & Ceramic Products                         5.8        0.8
                                                               
Other Financing Business                         5.1        3.1
                                                               
Chemicals                                        4.8        4.4
                                                               
Land Transportation                              3.8        0.5
                                                               
Banks                                            3.4        2.4
                                                               
Securities                                       2.4        2.7
                                                               
Non-ferrous Metals                               2.3        2.6
                                                               
Precision Instruments                            2.2        1.5
                                                               
Textiles & Apparel                               1.9        3.0
                                                               
Foods                                            1.8        0.4
                                                               
Transport Equipment                              1.7        2.9
                                                               
Other Products                                   1.4        3.5
                                                               
Oil & Coal products                              1.1        0.0
                                                               
Real Estate                                      1.0        1.6
                                                               
Metal Products                                   0.8        0.4
                                                               
Insurance                                        0.4        1.2
                                                               
Warehousing and Harbour Transport                0.4        0.0
Services                                                       
                                                               
Pharmaceutical                                   0.2        1.4
                                                               
Construction                                     0.0        0.6
                                                               
Electric Power and Gas                           0.0        0.0
                                                               
Fisheries, Agriculture and Forestry              0.0        0.3
                                                               
Iron and Steel                                   0.0        3.1
                                                               
Pulp & Paper                                     0.0        0.4
                                                               
Rubber Products                                  0.0        0.4
                                                               
Miscellaneous Finance                            0.0        0.0
                                                               
Cash and other net current assets                0.8        4.5
                                                               
Total                                          100.0      100.0

* - percentage of total assets less current liabilities

Enquiries:

Barbara Powley 01737 836883

Stephen Westwood 0207 961 4477