Final Results

Fidelity Japanese Values PLC
27 February 2001

Preliminary Announcement of Unaudited Results

For the year ended 31 December 2000
Comment from the Chairman


Performance: NAV - 60.5%

It was a dreadful year for growth stock investors in the Japanese stock
markets, particularly those investing in smaller companies and more
particularly those exposed to the so-called new economy companies. I am
afraid that our performance in this particularly difficult environment was
not good. In my statement last year I cautioned that the previous year, when
the net asset value had risen no less than 340%, would be difficult to follow
and indeed that there might be some profit taking in the technology, media
and telecommunications sectors (known jointly as the 'TMT' sectors) to which
we were well exposed and which had contributed so much to our success in
1999. That happened with a vengeance.

The year started with much more optimism about Japan, its economy and its
stock markets but this gradually gave way to quite some pessimism as
America's NASDAQ Composite Index, popularly regarded as a bellwether for its
TMT sectors, collapsed, raising concerns about the United States' economic
growth and thence about Japan's own more fragile economy. International
investors, whose funds had helped drive up Japan's TMT sectors, disinvested
in a big way, concerned as they were about Japan's economy and particularly
the export sector, given the possibility of a recession in the United States,
about the apparent lack of follow through in company restructuring, about the
continuing ill health of the banking and insurance sectors, about the
enormous deficits being run by the Japanese Government and the indebtedness
it is building up and perhaps most of all about the political drift and
indecision that appears to grip the Japanese Government.

The decline in our net asset value can be attributed largely to our exposure
to the shares of TMT companies in that much of the general market decline was
caused by their performance and our own exposure exaggerated even that. The
gearing and the decline of the Yen had much smaller impacts. That we
outstayed our welcome in these sectors is clear but it is worth saying that
the seesaw of these shares over the last two years has taken our net asset
value from 40p to 70p per share, a better performance than most international
markets produced.

Corporate Matters:
Dividends - Given that we invest in low or even nil yielding shares, we have
not earned a surplus and consequently we are not proposing to pay a dividend.
Buying in our own shares - The Company's authority to buy in up to 15 million
of its own shares was renewed at the AGM and we are seeking shareholders
approval to buy them in during the year following this year's AGM in April.
Last year we bought in 1.4 million shares for cancellation at a discount to
net asset value, thus enhancing it by 0.25p per share.
Share Plan and ISAs - Fidelity International, our Manager, promotes and
manages two investment plans which in turn help promote the demand for the
Company's shares: the Fidelity Investment Trust Share Plan and the Fidelity
Investment Trust Savings Account. They provide a simple and cost effective
way to invest in our shares and, along with buying in our own shares, they
help to create demand for them and thereby reduce the discount at which they
sell to the underlying net asset value. During the year 2000 1,399 new
accounts were opened and I would like to welcome these new shareholders to
the Company.

The Board of Directors - It is with much pleasure that I can report that
Nicholas Barber agreed to join the Board and was duly appointed in December
2000. He brings with him a wealth of knowledge and experience in business,
including that gained in the financial sector from his directorships of Royal
& Sun Alliance Insurance Group and Bristol & West and in Japan from his time
spent there in his capacity as an executive of the shipping company, the
Ocean Group, of which he later became its chief executive.

Also standing for re-election this year are Sir John Stanley, William Thomson
and John Morrell. John Morrell, being over the age of 70, submits himself for
re-election every year; he continues to play an important and constructive
role on the Board. He has however intimated to his colleagues that this will
be his last year in office and that he will not submit himself for
re-election next year.

Annual General Meeting - As we emphasise in our report on corporate
governance, your Directors believe that the AGM is the pivotal point in the
communication between shareholders and the Board and the Manager. It is the
occasion when shareholders can come and ask questions of and make
recommendations to the Board and Manager and can share each others' views. It
is also the occasion when Asako Kibe, our investment manager in Tokyo, will
make a presentation of the past year and review the prospects for the coming
one. I do urge all those shareholders, both individual and institutional, to
attend the meeting.

Continuation Vote and the Outlook for the Future:

Having launched the Company in the spring of 1994, the Board committed to
bring a resolution concerning the Company's future to shareholders in 2004.
However in 1999 we reported that, rather than wait the full ten years, in
future a resolution would be brought forward every three years and so we are
including a proposal in this year's set of AGM resolutions.

Are the prospects from here such that we can reasonably be expected to
achieve our original aspirations in the future? We believe so and for this
reason we are recommending to Shareholders that the Company continues in
existence with its remit to invest in smaller Japanese companies with a view
to achieving above average capital growth.

What are the prospects? There is no doubt that there is a great deal of gloom
concerning the immediate future for the Japanese economy and its stock
markets, as I outlined earlier in my statement. As a consequence its markets
are very depressed; however, as history shows, depressed markets provide the
opportunity to make money.

There are a number of aspects about Japan and its corporate sector which are
continuing to improve and these are those things that we have stressed
before. There are plenty of companies that are restructuring and whose
profits are growing in these difficult times. There is plenty of global
leadership in certain industries, particularly in the new economy, which will
help drive future Japanese economic growth. But above all, at a time when
Japanese corporate profits in general have been growing quite strongly, the
markets have been very weak with the result that the shares of many Japanese
companies are now, by international standards, undervalued - nowhere more so,
we believe, than in the 'smaller companies' area in which we invest. Despite
general forecasts by stock market analysts that there will be little or no
economic growth, and hence corporate sales growth, it is particularly
interesting to note that corporate profits - on the back of continuing
company restructuring - are forecast to continue to grow.

Although I believe that the share prices of smaller companies in Japan will
continue to be quite volatile, they probably offer as good opportunities to
make money from astute stock selection as most markets in the world in the
medium term. I believe that we have a strong fund management team in Tokyo
and that, when there is a more confident global attitude to Japan's stock
markets, our portfolio of shares will do well and make money for our
Shareholders.

Alex Hammond-Chambers
Chairman
Tuesday 27 February 2001

Enquiries:      Barbara Powley
Fidelity Investments International
01737 836883

FIDELITY JAPANESE VALUES PLC
Statement of Total Return (incorporating the revenue account1) of the Company
- unaudited 
For the year ended 31 December 2000

                                                                              
                                    2000                         1999         
                      revenue  capital      total    revenue  capital   total 
                                                                              
                notes  £'000      £'000      £'000    £'000    £'000     £'000 
                                                                             
  (Loss)/gain             -    (110,348)  (110,348)      -    147,310  147,310
  on                                                                          
  investments                                                                 
                                                                              
  Income                 810          -       810       539        -      539 
  Investment          (1,607)         -    (1,607)   (1,396)       -   (1,396)
  management                                                                  
  fee                                                                         
  Other                (426)         -      (426)    (293)        -     (293) 
  expenses                                                                    
  Exchange                 -      (384)      (384)        -      558      558 
  (losses)/gains                                                                
                                                                            
  Repurchase              -       (76)       (76)         -        -        - 
  of warrants                                                                 
                                                                              
  Net                 (1,223)  (110,808)  (112,031)  (1,150)  147,868  146,718
  (loss)/return                                                                
  before                                                                    
  finance                                                                     
  costs and                                                                   
  taxation                                                                    
  Exchange                -      1,026       1,026       -    (2,249)  (2,249)
  gain/(loss)                                                                 
  on loans                                                                    
  Interest             (758)          -       (758)    (500)        -    (500) 
  payable                                                                     
  (Loss)/return       (1,981)  (109,782)  (111,763)  (1,650)  145,619  143,969
   on                                                                        
  ordinary                                                                    
  activities                                                                  
  before tax                                                                  
  Tax on               (119)          -       (119)     (81)        -     (81) 
  ordinary                                                                    
  activities                                                                  
  (Loss)/return       (2,100)  (109,782)  (111,882)  (1,731)  145,619  143,888
   on                                                                        
  ordinary                                                                    
  activities                                                                  
  after tax                                                                   
  for the                                                                     
  year                                                                        
  attributable                                                                
  to equity                                                                   
  shareholders                                                                
                                                                              
  (Loss)/return                                                                
  per                                                                       
  ordinary                                                                    
  share                                                                       
  Basic           2   (2.01p)  (104.98p)  (106.99p)  (1.64p)  138.33p  136.69p
                                                                              
1.     The revenue column on this statement represents the profit and loss
account of the Company.
 
Returns per ordinary share are based on the net loss on ordinary activities
after taxation of £2,100,000 (1999 : £1,731,000), and the capital
depreciation in the year of £109,782,000 (1999 : appreciation of
£145,619,000) and on 104,577,344 ordinary shares (1999 : 105,272,951), being
the weighted average number of ordinary shares in issue during the year. 
As the basic and fully-diluted returns, calculated according to the
provisions of FRS 14, are identical, the fully-diluted return has not been
disclosed. Since the effect of the warrants outstanding on the first day of
the accounting period is not dilutive, they have not been included in the
calculation of the fully-diluted return. 

All revenue and capital items in the above statement derive from continuing
operations. 

No operations were acquired or discontinued in the year. 

FIDELITY JAPANESE VALUES PLC
Balance Sheet - unaudited
As at 31 December 2000

                                                
                                                            2000        1999
                                                           £'000       £'000 
 

                                                                             
   Fixed assets                                                              
   Investments                                           93,602      208,104 
   Current assets                                                            
   Debtors                                                  293          839 
   Cash at bank                                           7,368        7,222 
                                                          7,661        8,061 
   Creditors                                                                 
   - amounts falling due within one year                (10,147)     (1,064) 
   Net current (liabilities)/assets                      (2,486)       6,997 
   Total assets less current liabilities                 91,116      215,101 
   Creditors                                                                 
   - amounts falling due after more than one year       (18,563)    (28,896) 
   Total net assets                                       72,553     186,205 
   Capital and reserves                                                      
   Called up share capital                               25,980       26,318 
   Capital redemption reserve                               350           - 
   Share premium account                                     37           - 
   Other reserves                                                            
   Other reserve                                         63,125       64,619 
   Warrant reserve                                       10,200       10,525 
   Capital reserve - realised                            16,564     (10,693) 
   Capital reserve - unrealised                        (36,944)      100,095 
   Revenue reserve                                      (6,759)      (4,659) 
   Total equity shareholders' funds                      72,553      186,205 
   Net asset value per ordinary share                                        
   Basic                                                 69.81p      176.88p 
   Fully-diluted                                               -     164.07p 

FIDELITY JAPANESE VALUES PLC
Cash Flow Statement - unaudited
For the year ended 31 December 2000

                                                   
                                                              2000       1999
                                                             £'000      £'000 
         
                                                                               
  Operating activities                                                        
  Investment income                                          677          477 
  Interest                                                    20            7 
  Investment management fee                               (1,929)     (1,101) 
  Directors' fees                                            (47)        (33) 
  Other cash payments                                       (200)       (284) 
  Net cash outflow from operating activities              (1,479)       (934) 
  Returns on investments and servicing of finance                             
  Interest paid                                             (761)       (471) 
  Net cash outflow from returns on investments and          (761)       (471) 
  servicing of finance                                                        
  Taxation                                                                    
  UK income tax recovered                                       1          43 
  Tax recovered                                                 1          43 
  Financial investment                                                        
  Purchase of investments                               (83,557)     (97,496) 
  Realised currency gains                                    127        1,160 
  Disposal of investments                                 88,172       88,985 
  Net cash inflow/(outflow) from financial                 4,742      (7,351) 
  investment                                                                  
  Net cash inflow/(outflow) before financing               2,503      (8,713) 
  Financing                                                                   
  Increase in borrowings                                       -       10,269 
  Repurchase of ordinary shares                          (1,519)            - 
  Repurchase of warrants                                   (376)            - 
  Exercise of warrants                                        49            - 
  Net cash (outflow)/inflow from financing               (1,846)       10,269 
  Increase in cash                                           657        1,556 

The above statements have been prepared on the basis of the accounting
policies as set out in the recently published set of annual financial
statements. The figures for the year to 31.12.99 have been extracted from the
accounts for the year ended 31.12.99 which have been delivered to the
Registrar of Companies and on which the Auditors gave an unqualified report. 
The annual report and accounts will be posted to shareholders as soon as is
practicable.