Interim Management Statement

FIDELITY JAPANESE VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER        
ENDED 30 SEPTEMBER 2008                                                            
                                                                                   
Objective                                                                          
                                                                                   
To achieve long-term capital growth from an actively managed portfolio of          
securities primarily of small and medium-sized Japanese companies listed on the    
Japanese stock markets.                                                            
                                                                                   
Benchmark                                                                          
                                                                                   
Russell Nomura Mid/Small Cap Index                                                 
                                                                                   
Review of Period (total return)                                                    
                                                                                   
During the period:                                                                 
                                                                                   
- the NAV decreased by 16.8% (debt at par) and 16.6% (debt at market value)        
against a 6.8% decrease for the benchmark.                                         
                                                                                   
- the share price decreased by 19.4%.                                              
                                                                                   
- there were no share repurchases for cancellation during the period and none      
have taken place since the quarter end.                                            
                                                                                   
- the Board and Managers continue to believe that investment in equities will      
produce positive returns for shareholders over the longer term.                    
                                                                                   
Details of the Company's portfolio are shown below.                                
                                                                                   
Material Events                                                                    
                                                                                   
Half-yearly results published and half-yearly report sent to shareholders (for     
the six months ended 30 June 2008).                                                
                                                                                   
Due to recent market changes, the Board is ensuring that sufficient cash is        
lodged with the lender so that the Company's banking covenants are not             
breached.                                                                          
                                                                                   
Additional Information                                                             
                                                                                   
Details of the Company               Dealing Information                           
                                                                                   
Fund Manager:    Shinji Higaki       Listed:       London Stock Exchange           
                                                                                   
Enquiries:       08457 100 456                                                     
                                                                                   
WWW Address:     http:/              Price Quoted: Financial Times                 
                 www.fidelity.co.uk                                                
                                                   The Times                       
                                                                                   
                                                   The Daily Telegraph             
                                                                                   
                                                   The Independent                 
                                                                                   
Launch Date:     15 March 1994       Reuters Code: FJV.L                           
                                                                                   
Ordinary Shares  95,577,453          SEAQ Code:    51054                           
In Issue:                                                                          
                                                                                   
Share price      14.9%               ISIN:         GB0003328555                    
discount to                                                                        
Undiluted NAV:                                                                     
                                                                                   
Total Assets:    £66.0 m                                                           
                                                                                   
Loan:            £16.9 m                                                           
                                                                                   
Total Net        £49.2 m                                                           
Assets:                                                                            
                                                                                   
Gross Gearing :  34.3%                                                             
                                                                                   
Net Gearing:     25.6%                                                             
                                                                                   
                             Portfolio Breakdowns                                  
                                                                                   
Sector Analysis As at 30     As at 30  Largest 10   As at 30 September  As at 30   
(% total        September    June 2008 Holdings (%  2008                June 2008  
assets)         2008                   total                                       
                                       assets)                                     
                                                                                   
Retail Trade    11.8         8.0       Nippon       3.3                 3.2        
                                       Electric                                    
                                       Glass                                       
                                                                                   
Chemicals       11.1         17.0      Kakaku.Com   2.8                 2.4        
                                                                                   
Electrical      10.4         11.8      Kappa Create 2.7                 **         
Machinery                                                                          
                                                                                   
Services        8.0          7.5       Asahi Glass  2.4                 2.6        
                                                                                   
Cash            7.3          1.1       FP Corp      2.3                 2.1        
                                                                                   
Machinery       6.3          6.4       Konica       2.3                 **         
                                       Minolta                                     
                                       Holdings                                    
                                                                                   
Glass &         5.9          6.4       Mitsubishi   2.2                 2.8        
Ceramics                               Corp                                        
                                                                                   
Foods           5.9          **        Mitsui & Co  2.1                 3.1        
                                                                                   
Information &   5.7          **        Daicel       2.0                 3.7        
Communication                          Chemical                                    
                                       Industries                                  
                                                                                   
Other           27.6         29.1      Mitsui OSK   2.0                 2.6        
                                       Lines                                       
                                                                                   
Marine          *            4.5       JSR          *                   3.1        
Transportation                                                                     
                                                                                   
Wholesale Trade *            8.2       Hitachi      *                   2.3        
                                       Chemical                                    
                                                                                   
* Not in top 10 as at 30 September 2008 ** Not in top 10 as at 30 June 2008        
                                                                                   
                      Performance Record (total return %)                          
                                                                                   
                 Value at 30 Quarter   Quarter to   1 Year to 3 Years   5 Years to 
                 September   to 30     30 September 30        to 30     30         
                 2008 (p)    June 2008 2008         September September September  
                                                    2008      2008      2008       
                                                                                   
NAV (debt at        51.43      +6.6       -16.8       -30.0     -44.1      -13.9   
par)                                                                               
                                                                                   
NAV (debt at        51.49      +6.4       -16.6       -29.9     -43.8        -     
market value)                                                                      
                                                                                   
Ordinary Share      43.75      +15.4      -19.4       -31.9     -53.6      -12.9   
price                                                                              
                                                                                   
Benchmark Index                -1.5        -6.8       -17.4     -24.8      +2.3    
                                                                                   

                   Standardised Performance (total return %)                   
                                                                               
               30/09/2003   30/09/2004   30/09/2005   30/09/2006   30/09/2007  
                                                                               
               30/09/2004   30/09/2005   30/09/2006   30/09/2007   30/09/2008  
                                                                               
NAV            13.7         35.5         -7.6         -13.5        -30.0       
                                                                               
Ordinary Share 20.9         55.1         -16.2        -18.7        -31.9       
price                                                                          
                                                                               

Past performance is not a guide to future returns. The value of investments can
go down as well as up. For funds that invest in overseas markets, changes in
currency exchange rates may affect the value of an investment. Investments in
small and emerging markets can be more volatile than other more developed
markets. Source of performance: Fidelity, Datastream and Russell Nomura as at
30 September 2008. Basis: bid-bid with net income reinvested. Fidelity only
gives information about its own products and services and does not provide
investment advice based on individual circumstances.

CB32662/NA