Director Shareholding

SCHEDULE 11                                  

         NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS          

1) Name of company


Fidelity Japanese Values PLC


2) Name of director

David Miller


3) Please state whether notification indicates that it is in respect of holding
of the shareholder named in 2 above or in respect of a non-beneficial interest
or in the case of an individual holder if it is a holding of that person's
spouse or children under the age of 18 or in respect of a non-beneficial
interest

David Miller - beneficial holding


4) Name of the registered holder(s) and, if more than one holder, the number of
shares held by each of them (if notified)


Williams De Broe Nominees

5) Please state whether notification relates to a person(s) connected with the
Director named in 2 above and identify the connected person(s)

David Miller


6) Please state the nature of the transaction. For PEP transactions please
indicate whether general/single co PEP and if discretionary/non discretionary


n/a


7) Number of shares/amount of stock acquired

20,000 Ordinary Shares of 25 pence.


8) Percentage of issued class


0.02%


9) Number of shares/amount of stock disposed


n/a


10) Percentage of issued class


n/a


11) Class of security


Ordinary 25p shares


12) Price per share

20,000 shares @ 61.75 pence per share

13) Date of transaction

11 November 2004


14) Date company informed


12 November 2004


15) Total holding following this notification


20,000 shares


16) Total percentage holding of issued class following this notification


0.02%


If a director has been granted options by the company please complete the
following boxes

17) Date of grant


18) Period during which or date on which exercisable


19) Total amount paid (if any) for grant of the option


20) Description of shares or debentures involved: class, number


21) Exercise price (if fixed at time of grant) or indication that price is to
be fixed at time of exercise

22) Total number of shares or debentures over which options held following this
notification

23) Any additional information


24) Name of contact and telephone number for queries


Vicky Francis

Fidelity Investments International

01737 837929


25) Name and signature of authorised company official responsible for making
this notification

Vicky Francis for and on behalf of Fidelity Investments International


Date of Notification: 12 November 2004