Director Shareholding

SCHEDULE 11                                  

         NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS          

1) Name of company


Fidelity Japanese Values PLC


2) Name of director

Philip Kay


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

Philip Kay - 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)


Fidelity Nominee (Shareholdings) Limited

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

Philip Kay


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


Investment through the Fidelity ISA


7) Number of shares/amount of stock acquired

10,144 Ordinary Shares of 25 pence.


8) Percentage of issued class


0.01%


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

10,144 shares @ 69.0 pence per share

13) Date of transaction

26 May 2005


14) Date company informed


27 May 2005


15) Total holding following this notification


10,144 shares


16) Total percentage holding of issued class following this notification


0.01%


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


Rebecca Burtonwood

Fidelity Investments International

01737 836869


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

Rebecca Burtonwood for and on behalf of Fidelity Investments International


Date of Notification: 27 May 2005