Interim Management Statement

FIDELITY JAPANESE VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER    
ENDED 30 SEPTEMBER 2011                                                        
                                                                               
Issued pursuant to the requirements of Chapter 4 of the Disclosure and         
Transparency Rules                                                             
                                                                               
Objective                                                                      
                                                                               
To achieve long-term capital growth from an actively managed portfolio of      
securities primarily of small and medium-sized Japanese companies listed or    
traded on the Japanese stock markets.                                          
                                                                               
Benchmark                                                                      
                                                                               
Russell Nomura Mid/Small Cap Index                                             
                                                                               
Review of Period (total return)                                                
                                                                               
During the period:                                                             
                                                                               
- the NAV decreased by 3.91% (undiluted) against a increase of 0.43% for the   
benchmark.                                                                     
                                                                               
- the share price decreased by 4.31%                                           
                                                                               
- gearing continues to be maintained by way of Contracts For Difference.       
                                                                               
- total exposure was 123.73% on 30 September 2011.                             
                                                                               
- main portfolio changes are detailed in the top ten holdings below            
                                                                               
Material transactions                                                          
                                                                               
- No shares were repurchased for cancellation during the period and none have  
been repurchased since the period end.                                         
                                                                               
- 86,825 Ordinary shares were issued during the period following the exercise  
of the rights attached to subscription shares.                                 
                                                                               
Material Events                                                                
                                                                               
Half-yearly report published.                                                  
                                                                               
Additional Information                                                         
                                                                               
Details of the Company                            Dealing Information          
                                                                               
Fund Mana  Shinji Higaki                          Listed:      London Stock    
ger:                                                           Exchange        
                                                                               
Enquiries: 08457 100 456                          Broker:      Collins Stewart 
                                                               Europe Limited  
                                                                               
WWW        www.fidelity.co.uk/its                 Price        Financial Times 
Address:                                          Quoted:                      
           Copies of major                                     The Times       
           announcements and                                                   
           documentation relating                              The Daily       
           to the Company may be                               Telegraph       
           found on the website                                                
                                                               The Independent 
                                                                               
Launch     15 March 1994                          Reuters      FJV.L           
Date:                                             Code:                        
                                                                               
           As at 30 September 2011 As at 16       SEAQ Code:   51054           
                                   November 2011                               
                                                                               
Ordinary   97,442,039              97,443,118     ISIN:        GB000332855     
Shares In                                                                      
Issue:                                                                         
                                                                               
Share      17.56%                  13.56%         Registered                   
price                                             office                       
discount                                                                       
to NAV:                                                                        
                                                                               
Total Net  £65.1m                  £60.6m         Beech Gate                   
Assets:                                                                        
                                                  Millfield                    
                                                  Lane                         
                                                                               
Gearing    123.73%                 122.74%        Lower                        
Exposure:                                         Kingswood                    
                                                                               
                                                  Tadworth                     
                                                                               
                                                  Surrey KT20                  
                                                  6RP                          
                                                                               
                                                                               
                                                  Current Year 31 December 2011
                                                  End                          

                             Portfolio Breakdowns                                
                                                                                 
Sector        As at 30      As at 30    Largest 10     As at 30     As at 30     
Analysis (%   September 201 June 2011   Holdings (%    September    June 2011    
total assets) 1                         total assets)  2011                      
                                                                                 
Chemicals     14.9          15.0        Sekisui        3.6          3.5          
                                        Chemical                                 
                                                                                 
Information & 12.5          11.5        Kakaku.com     3.1          2.7          
Communication                                                                    
                                                                                 
Electrical    11.7          12.7        FP             3.1          2.6          
Machinery                                                                        
                                                                                 
Machinery     8.7           8.4         GMO Payment    2.7          2.1          
                                        Gateway                                  
                                                                                 
Transport     6.9           7.0         M3             2.6          2.4          
Equipment                                                                        
                                                                                 
Services      6.3           5.8         Takata         2.6          3.2          
                                                                                 
Unclassified  5.8           4.7         Bit-Isle       2.4          2.2          
                                                                                 
Retail Trade  5.4           -           Maruwa         2.4          1.9          
                                                                                 
Other         25.7          29.3        CyberAgent     2.2          2.3          
                                                                                 
Cash          2.1           1.5         LEC            2.1          -*           
                                                                                 
Glass &       -             4.0         Toyota Boshoku -**          1.8          
Ceramics                                                                         
                                                                                 
Total         100           100         * Not in top 10 at 30 June 2011          
                                                                                 
                                        ** No longer in top 10 at 30 September   
                                        2011                                     
                                                                                 
                      Performance Record (total return %)                        
                                                                                 
               Price at  Quarter to Quarter to 1 Year to  3 Years to   5 Years to
               30        30 June    30         30         30 September 30        
               September 2011       September  September  2011         September 
               2011 (p)             2011       2011                    2011      
                                                                                 
NAV            67.32     6.56         -3.91      12.99       30.90       -20.79  
                                                                                 
Ordinary Share 55.5      6.18         -4.31      11.00       26.86       -29.75  
price                                                                            
                                                                                 
Benchmark                1.22          0.43       6.49       28.79       -2.59   
Index                                                                            
                                                                                 

As at 16 November 2011 the Company's NAV per share was 62.18p and the Company's
share price was 53.75p per share. The subscription shares have an exercise
price of 55.0p per share, as at 16 November 2011 the subscription share price
was 6.65p per share.

                   Standardised Performance (total return %)                   
                                                                               
               30/09/2006   30/09/2007   30/09/2008   30/09/2009   30/09/2010  
                                                                               
               30/09/2007   30/09/2008   30/09/2009   30/09/2010   30/09/2011  
                                                                               
NAV            -13.5        -30.0        14.8         0.9          12.99       
                                                                               
Ordinary Share -18.7        -31.9        17.1         -2.4         11.00       
price                                                                          
                                                                               
Benchmark      -8.3         -17.4        22.4         -1.2         6.49        
Index                                                                          

By order of the Board

Ben McMechan

For and on behalf of FIL Investments International

Company Secretary

17 November 2011

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 and Datastream as at 30 September
2011. 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.