Interim Results

Fidelity Japanese Values PLC
1 August 2001



FIDELITY JAPANESE VALUES PLC

Preliminary Announcement of Unaudited Results

For the six months ended 30 June 2001

Comment from the Chairman

Performance

The first half of the year has been a rather better period for your Company
with its net asset value rising by 9.2% to 76.20p per ordinary share. Despite
a fall of 1.7% in the value of the yen, our total assets rose 5.0% to £105.5
million (and that despite spending £0.9 million on buying back our own
shares); our gearing accounted for the extra increase at the net asset value
level.

It has not been an easy period for investors anywhere in the world,
particularly in Japan. The three indices that we use as reference points,
against which we judge our performance (all three of which include smaller
companies in their make-up) had quite varying experiences with the TSE First
Section Index declining 1.3%, while the TSE Second Section Index and the
Nikkei OTC indices rose 7.4% and 4.8% respectively (all figures expressed in
pounds sterling). We have investments quoted on each of these exchanges.

The individual stocks in our portfolio have changed quite considerably in the
period with a much lower emphasis on shares involved in the so-called
'Technology, Media and Telecommunications' sector. This has helped us produce
what I believe to be a reasonably good result in this first half year.

Purchase of Our Own Shares for Cancellation

The volatility of our own share price in relation to its underlying net asset
value, the discount, provided opportunities for us to by in our own shares at
attractive levels. We bought 1,450,000 shares during the six months at
discounts varying between 15% and 20%, costing us £864,000 net of stamp duty -
or an average of 60.0p per share - and providing a small uplift in the net
asset value. Full details of these transactions are provided on page 15 of
this report.

The Outlook

The outlook for the economy of Japan would appear to be a little like the
curate's egg, there being some good and some bad things to be said about it.
The aftermath of the technology boom and the deterioration of the American
economy have dented confidence and it is widely expected that Japan will
suffer an economic recession which could send share prices lower in the
shorter term. Business confidence is low, export growth is slowing and
consumers appear to be reluctant to spend. However the appointment of Mr
Junichiro Koizumi as Prime Minister has given cause to believe that some of
the long awaited and much needed series of macro economic and political
reforms may well now proceed, although it would be foolish not to recognise
that there will be considerable political and business resistance to change.
However the Prime Minister would appear to have popular backing for reform and
he has been honest enough to point out that it will not be easy and that it
will involve hardship.

Your Board of Directors and your Manager have long recognised that there has
already been considerable reform and reorganisation of individual businesses
and that the pace of it continues to grow. It is that which provides the
opportunity to find and invest in those companies undertaking reorganisation
and committed to promoting shareholder value and that which makes the longer
term prospects for capital growth for your Company encouraging. If, and it is
an open question, it were to be accompanied by some real economic and
political reforms, especially those dealing with Japan's beleaguered banking
industry, then Japan could easily be one of the best places to invest in the
world over the next ten or so years.

Alex Hammond-Chambers

Chairman

1 August 2001

Enquiries: Barbara Powley

Fidelity Investment International

01737 836883



FIDELITY JAPANESE VALUES PLC
Statement of Total Return (incorporating the revenue account)
For the six months ended 30 June 2001


        for the six months ended  for the year ended   for the six months ended
                 30.06.01               31.12.00                30.06.00
                unaudited               audited                unaudited
          revenue capital total revenue capital  total  revenue capital   total

           £'000   £'000  £'000  £'000    £'000  £'000    £'000   £'000   £'000

Gains/        -    6,666  6,666      - (110,348)(110,348)    - (35,705) (35,705)
(losses) on
investments

Income      479        -    479    810        -      810   486       -      486

Investment (504)       -   (504)(1,607)       -   (1,607) (982)      -     (982)
management
fee

Other      (170)       -   (170)  (426)       -     (426) (267)      -     (267)
expenses

Exchange      -     (158)  (158)     -     (384)    (384)    -     384      384
(losses)/
gains

Repurchase 
of            -        -      -      -      (76)     (76)    -     (76)     (76)
warrants

Net (loss)/(195)  6,508   6,313 (1,223) (110,808)(112,031) (763)(35,397)(36,160)
return before
finance costs
and taxation

Interest   (332)      -    (332)  (758)       -      (758) (368)      -    (368)
payable

Exchange      -     481     481      -     1,026    1,026     -  (1,200) (1,200)
gains/
(losses) on
loans

(Loss)/
return     (527)  6,989   6,462 (1,981)(109,782)(111,763)(1,131)(36,597)(37,728)
on ordinary
activities
before tax

Tax on      (70)    -       (70)  (119)    -        (119)   (71)     -      (71)
ordinary                   
activities

(Loss)/
return     (597)  6,989   6,392 (2,100)(109,782)(111,882)(1,202)(36,597)(37,799)
on ordinary
activities
after tax for
the period,
transfer to
reserves

(Loss)/return
per ordinary
share
Basic   (0.58p) 6.79p  6.21p (2.01p)(104.98p) (106.99p) (1.14p)(34.85p) (35.99p)

Fully-
diluted (0.48p) 5.68p  5.20p      -       -         -       -        -       -


These accounts have been prepared in accordance with the AITC Statement of
Recommended Practice (SORP) issued in December 1995.



FIDELITY JAPANESE VALUES PLC
Balance Sheet
As at 30 June 2001

                                             30.06.01   31.12.00     30.06.00
                                            unaudited    audited    unaudited 
                                                £'000      £'000        £'000  
                                                                                
        
  Fixed assets                                                                
  Investments                                101,376      93,602     171,096  
  Current assets                                                              
  Debtors                                        232         293         412  
  Cash at bank                                 5,246       7,368       7,405  
                                               5,478       7,661       7,817  
  Creditors- amounts falling due within                                       
  one year                                                                    
  Fixed rate unsecured loan                        -      (9,307)    (10,051) 
  Other creditors                             (1,380)       (840)     (1,244) 
                                              (1,380)    (10,147)    (11,295) 
  Net current assets/(liabilities)             4,098      (2,486)     (3,478) 
  Total assets less current liabilities      105,474      91,116     167,618  
  Creditors- amounts falling due after                                        
  more than one year                                                          
  Fixed rate unsecured loans                 (27,388)    (18,563)    (20,046) 
  Total net assets                            78,086      72,553     147,572  


  Capital and reserves                                                        
  Called up share capital                     25,619      25,980      26,230  
  Capital redemption reserve                     713         350         100  
  Share premium account                           40          37           -  
  Other reserves                                                              
  Other reserve                               62,263      63,125      64,098  
  Warrant reserve                             10,198      10,200      10,200  
  Capital reserve - realised                  12,688      16,564      10,741  
  Capital reserve - unrealised               (26,079)    (36,944)     42,064  
  Revenue reserve                             (7,356)     (6,759)     (5,861) 
  Total equity shareholders' funds            78,086      72,553     147,572  

  Net asset value per ordinary share                                          
  Basic                                        76.20p      69.81p     140.65p 
  Fully-diluted                                    -           -      134.03p 


The balance sheet as at 31 December 2000 has been extracted from the accounts
for the year ended 31 December 2000 which have been delivered to the Registrar
of Companies and on which the auditors gave an unqualified report.



FIDELITY JAPANESE VALUES PLC
Cash Flow Statement
For the six months ended 30 June 2001


                                              30.06.01   31.12.00     30.06.00
                                            unaudited    audited    unaudited 
                                                £'000      £'000        £'000 
                                                                                
                                                     
  Operating activities                                                        
  Investment income                              390         677         391  
  Deposit interest                                10          20          12  
  Investment management fee                     (498)     (1,929)       (985) 
  Directors' fees                                (29)        (47)        (33) 
  Other cash payments                           (286)       (200)       (431) 
  Net cash outflow from operating               (413)     (1,479)     (1,046) 
  activities                                                                  
  Returns on investments and servicing of                                     
  finance                                                                     
  Interest paid                                 (361)       (761)       (368) 
  Net cash outflow from returns on              (361)       (761)       (368) 
  investments and servicing of finance                                        
  Taxation                                                                    
  UK income tax recovered                          -           1           1  
  Tax recovered                                    -           1           1  
  Financial investment                                                        
  Purchase of investments                    (23,804)    (83,557)    (40,713) 
  Exchange gains                                 241         127         266  
  Disposal of investments                     23,476      88,172      42,835  
  Net cash (outflow)/inflow from                 (87)      4,742       2,388  
  financial investment                                                        
  Net cash (outflow)/inflow before              (861)      2,503         975  
  financing                                                                   
  Financing                                                                   
  Repurchase of ordinary shares                 (864)     (1,519)       (583) 
  Repurchase of warrants                           -        (376)       (376) 
  Exercise of warrants                             4          49          49  
  Net cash outflow) from financing              (860)     (1,846)       (910) 
  (Decrease)/increase in cash                 (1,721)        657          65 



Copies of the interim report will be posted to shareholders as soon as
practicable. Copies will also be available to the public at the Company's
registered office Beech Gate, Millfield Lane, Lower Kingswood, Tadworth,
Surrey KT20 6RP