Interim Results

JPMorgan Fleming Japanese Smllr Cos
18 December 2003


        JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST PLC

                         STOCK EXCHANGE ANNOUNCEMENT OF
          UNAUDITED RESULTS FOR THE SIX MONTHS TO 30TH SEPTEMBER 2003



The Board today release the unaudited interim results of the Company for the six
months to 30th September 2003.


The following are comments from the Chairman:

Chairman's Interim Statement

Performance

This is my first opportunity as Chairman to write to shareholders, and I am
pleased to report that in our opening half year there has been a marked
improvement in the Japanese equity market and, with it, in the performance of
our Company.  Net assets per share rose by 51.5% in the six months to 30th
September 2003, compared with a gain of 31.6% achieved by our benchmark, the
Citigroup Equity Index Japan Extended Market (in sterling terms).  The Company's
share price has advanced from 119p to 206p, an increase of over 70%, over the
same period, whilst the discount to net asset value has narrowed from 25% to
14%.



The investment objective of the Company is to provide capital growth through
investment in small and medium sized Japanese enterprises, and our investment
manager has been successful of late in identifying individual companies whose
current trading and prospects have been rewarded with strong share price
performances.  His review of the market over the past six months, together with
his approach to stock selection and his strategy for the period ahead, is
presented in the report which follows.



Board of Directors



Our previous Chairman, Nicholas Sibley, as foreshadowed in the Annual Report and
Accounts to 31st March 2003, retired on 20th June 2003 on the occasion of his
65th Birthday.  On behalf of the Board, I would like to thank Nicholas for his
outstanding service to the Company over many years as a Board member.  I would
also like to take this opportunity to welcome Bernard Grigsby to the Board,
which he joined on 31st August 2003.



Alan Clifton

Chairman



18th December 2003





For further information, please contact:



Hilary Lowe
J.P. Morgan Fleming Asset Management (UK) Limited, 020 7742 3274
Secretary to the Company


JPMorgan Fleming Japanese Smaller Investment Trust plc
Unaudited figures for the six months to 30 September 2003


Statement of Total Return (Unaudited)


                           Six months to 30 September 2003  Six months to 30 September 2002   Year to 31 March 2003

                             Revenue    Capital     Total   Revenue   Capital       Total   Revenue   Capital     Total

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


Realised gains/(losses) on
investments                        -     10,337    10,337         -     2,004       2,004         -   (6,837)   (6,837)

Net change in unrealised
depreciation                       -     22,164    22,164         -  (10,434)    (10,434)         -  (16,033)  (16,033)

Currency (losses)/gains on
cash and short-term
deposits held during the
period                             -      (128)     (128)         -      (55)        (55)         -       156       156

Unrealised losses on Yen
loans                              -      (124)     (124)         -         -           -         -         -         -

Realised losses on
repayment of Yen loan              -          -         -         -     (326)       (326)         -     (326)     (326)

Other capital charges              -       (17)      (17)         -      (27)        (27)         -      (35)      (35)
Overseas dividends               296          -       296       255         -         255       707         -       707
Stock lending fees                 3          -         3         -         -           -         -         -         -
Deposit interest                   1          -         1         1         -           1         1         -         1
                             _______   ________   _______    ______   _______    ________   _______   _______   _______

Gross return/(loss)              300     32,232    32,532       256   (8,838)     (8,582)       708  (23,075)  (22,367)

Management fee                 (472)          -     (472)     (605)         -       (605)   (1,079)         -   (1,079)

Other administrative
expenses                        (99)          -      (99)      (96)         -        (96)     (214)         -     (214)

Interest payable               (326)          -     (326)     (177)         -       (177)     (832)         -     (832)

                             _______    _______   _______    ______   _______     _______   _______   _______   _______

Loss/return before             (597)     32,232    31,635     (622)   (8,838)     (9,460)   (1,417)  (23,075)  (24,492)
taxation

Taxation                        (12)          -      (12)      (38)         -        (38)     (106)         -     (106)

                              ______    _______   _______    ______   _______      ______   _______   _______   _______

Total (loss)/return
attributable to ordinary
shareholders                   (609)     32,232    31,623     (660)   (8,838)     (9,498)   (1,523)  (23,075)  (24,598)

(Loss)/return per ordinary   (1.54)p     81.38p    79.84p   (1.50)p  (20.07)p    (21.57)p   (3.51)p  (53.10)p  (56.61)p
share




JPMorgan Fleming Japanese Smaller Investment Trust plc
Unaudited figures for the six months to 30 September 2003


BALANCE SHEET                                                       30 September    30 September        31 March
                                                                            2003            2002            2003
                                                                           £'000           £'000           £'000

Investments at valuation                                                 106,646          77,978          62,365


Net current assets                                                           828           7,212           4,566

Creditors (amounts falling due after more than one year)                (13,611)         (3,121)         (3,190)
                                                                         _______         _______         _______
Total net assets                                                          93,863          82,069          63,741
                                                                           =====           =====           =====
Net asset value per ordinary share                                        238.2p          189.7p          157.2p



CASH FLOW STATEMENT
                                                                            2003            2002            2003
                                                                           £'000           £'000           £'000

Net cash outflow from operating activities                                  (64)           (465)           (816)

Net cash outflow from returns on investments and servicing
of finance                                                                 (669)           (645)         (1,227)

Net cash (outflow)/inflow from capital expenditure and
financial investment                                                    (17,537)          13,659          18,710

Net cash inflow/(outflow) from financing                                   8,558         (7,587)        (10,775)
                                                                         _______         _______          ______
(Decrease)/increase in cash for the period                               (9,712)           4,962           5,892
                                                                           =====           =====            ====



The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. Statutory accounts for the
year ended 31st March 2003 have been delivered to the Registrar of Companies.


J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED


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