Final Results

Fleming Japanese Smaller Cos IT PLC
5 June 2001





THE FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST PLC



            UNAUDITED ANNUAL RESULTS FOR PERIOD to 31st MARCH 2001



The Directors have today announced the unaudited final results for the period
from incorporation, on 26th January 2000 to 31st March 2001.



It is clearly disappointing that your Company's first period in its new guise
as a UK approved investment trust has been a fall of 56.6% in its net asset
value and of 55.9% in its share price.  This compares with a fall in the TSE
Second Section Index of 27.1%, and places us last of the five investment
trusts specialising in this sector over the period.



However, the volatile nature of this asset class and particularly growth
companies within it can be seen over the three-year period, which includes the
extraordinary surge and collapse in technology shares, and shows that our net
asset value rose 161%.  During the same period the TSE Second Section Index
rose 93%.  This performance places us second in the peer group and in the top
ten of all investment trusts over three years.1



With hindsight, it is clear that the caution expressed by our managers a year
ago should have been alarm at the level of the market.  Apart from cash, there
was no protection available from the downturn, though the collapse in the
share prices of a number of good-quality companies did surprise us.



Japan's woes need no repetition here, though the new government does bring the
hope of a change of direction at the top and is indicative of a widely shared
appetite for the necessary systemic reforms.



Our managers' investment focus has always been on growth, and we see no reason
to change it in the present slow-growth environment.  Indeed, the bear market
which has left our benchmark down 12.6% over ten years has produced many
companies whose shares offer good value and where growth can be found, as well
as an improving understanding of the need to reward shareholders.  Despite the
uncertain economic environment, this should produce rewards for stock-based
research.



1 This takes into account the performance of the Company's predecesssor JF
Fledgeling Japan Limited.



J.P. Morgan Fleming Asset Management (UK) Limited - Secretary



4th June 2001



For further information:

Hilary Lowe.............................................Tel: [phone]








THE FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST PLC

UNAUDITED FIGURES FOR THE PERIOD ENDED 31ST MARCH 2001




                                                                     2001
                                                                    £'000
REVENUE


Income:
Overseas dividends                                                    601
Deposit interest                                                       86
                                                                  _______
Gross Revenue                                                         687

Less:
Management fee                                                    (2,869)
Other administrative expenses                                       (346)
Interest payable                                                    (793)
                                                                  _______
Return before Taxation                                            (3,321)

Less:  Taxation                                                      (90)
                                                                  _______
Total return available to ordinary shareholders                   (3,411)
                                                                    =====

Dividend per ordinary share                                           nil




                                                                    £'000
CAPITAL




                                                                  _______
Return attributable to ordinary shareholders                    (193,967)
                                                                    =====

Revenue return per ordinary share                                 (6.33)p
Capital return per ordinary share                               (359.58)p
Total return per ordinary share                                 (365.91)p
                                                                    =====









THE FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST PLC

UNAUDITED FIGURES FOR THE PERIOD ENDED 31ST MARCH 2001




Balance Sheet                                                        2001

                                                                    £'000


Investments at valuation                                          136,878


Current assets                                                     44,374

Total assets excluding current liabilities                        181,252


Creditors: amounts falling due within one year                       (95)

Creditors: amounts falling due after more than one year          (40,803)

Total Net Assets                                                  140,354
                                                                    =====

Net asset value per ordinary share                                 283.2p


CASH FLOW STATEMENT
                                                                     2001
                                                                    £'000

Net cash outflow from operating activities                        (2,913)

Net cash outflow from servicing of finance                        (1,607)

Net cash inflow from capital expenditure and financial             74,030
investment

Net cash outflow from financing                                  (43,877)
                                                                  _______
Increase in cash for the period                                    25,633
                                                                    =====







The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985.



JPMorgan Fleming Asset Management (UK) Limited

4th June 2001