Portfolio Update

Baillie Gifford Japan Trust PLC
06 March 2006

                      THE BAILLIE GIFFORD JAPAN TRUST PLC

   Statement of Top Ten Investments and all Holdings Over 5% of Total Assets



28 February 2006



No       Holding                                               % of Total Assets



1.         Sumitomo Realty & Development                            4.0%

2.         Itochu                                                   3.1%

3.         Sumitomo Heavy                                           3.0%

4.         Japan Tobacco                                            2.8%

5.         Mitsubishi UFJ Finl.                                     2.8%

6.         Yamada Denki                                             2.6%

7.         Asahi Glass                                              2.5%

8.         Aioi Insurance Company                                   2.5%

9.         Inpex                                                    2.3%

10.        USS                                                      2.3%





                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                    3 March 2006




                      This information is provided by RNS
            The company news service from the London Stock Exchange