Interim Results

JPMorgan Fleming Japanese Smllr Cos
18 December 2006



                       LONDON STOCK EXCHANGE ANNOUNCEMENT

        JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST PLC

     UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 2006

The Japanese smaller company market experienced an extremely difficult period
over the last six months and it is disappointing to report that the return on
net assets is -25.9%. The benchmark return was a dispiriting -19.4% for the same
period. The shares of our Company had fallen by 29.4% at the half year stage,
reflecting a widening in the discount to net assets at which the shares trade
from 4.5% as at 31st March 2006 to 9.1% as at 30th September 2006.

There have been extremes of performance over the past twelve months, with the
Japanese smaller cap market rising strongly in the period from September 2005 to
March 2006, and then falling sharply, as noted, in the latest six months. This
volatility, coupled with substantial mood swings by investors in this sector,
has posed significant challenges for our investment managers.

As you will see from the report of the Investment Manager (on pages 3 and 4),
the strategy followed by our Company has been consistent throughout this
difficult recent period. Your Board remains satisfied that the emphasis on
identifying companies with strong earnings momentum and attractive valuations is
correct, notwithstanding that, at times, companies with more overtly defensive
characteristics may perform better. In our first half year, your Company has
maintained its bias towards long term, secularly growing stocks and is
overweight in the real estate, retailing and financial and commercial service
sectors.

To conclude, and despite the most disappointing performance so far this year,
the Board is confident that your Company is well positioned, in terms of its
investment holdings, for long term growth. There is also a strong belief that
the Japanese smaller cap market will respond more enthusiastically in due course
to the better earnings statements emanating from the sector. The combination of
good profits growth and undemanding valuations is an attractive investment
proposition which should lead to better overall returns for our Company.



Alan Clifton

Chairman        18th December 2006



For further information please contact:



Hilary Lowe
JPMorgan Asset Management (UK) Limited
Telephone [phone]




JPMorgan Fleming Japanese Smaller Companies Investment Trust plc
Unaudited figures for the six months ended 30th September 2006


Income Statement

                                  (Unaudited)                    (Unaudited)                    (Audited)
                             Six months ended 30th          Six months ended 30th            Year ended 31st
                                 September 2006                 September 2005                 March 2006
                           Revenue   Capital      Total   Revenue    Capital     Total   Revenue  Capital    Total
                            return    return     return    return     return    return    return   return   return
                             £'000     £'000      £'000     £'000      £'000     £'000     £'000    £'000    £'000
                                                                                           

(Losses)/gains from
investments held at fair
value through profit or
loss                             -  (40,873)   (40,873)         -     13,068    13,068         -   62,646   62,646
                
Income from investments        518         -        518       318          -       318     1,043        -    1,043
Other interest
receivable and similar
income                         150         -        150       108          -       108       223        -      223
                           _______   _______     ______     _____    _______   _______     _____   ______  _______
Gross revenue and
capital gains/(losses)         668  (40,873)   (40,205)       426     13,068    13,494     1,266   62,646   63,912
                          
Management fee               (925)         -      (925)     (665)          -     (665)   (1,619)        -  (1,619)
Other administrative
expenses                     (171)         -      (171)     (129)          -     (129)     (270)        -    (270)
                           _______   _______     ______    ______     ______   _______    ______   ______  _______
Net (loss)/return before
finance costs and
taxation                     (428)  (40,873)   (41,301)     (368)     13,068    12,700     (623)   62,646   62,023
Finance costs                 (70)         -       (70)      (50)          -      (50)        62        -       62
                           _______   _______     ______    ______     ______   _______    ______   ______  _______
Net (loss)/return before
taxation                     (498)  (40,873)   (41,371)     (418)     13,068    12,650     (561)   62,646   62,085
                             
Taxation                      (36)         -       (36)      (22)          -      (22)      (73)        -     (73)
                            ______   _______     ______    ______    _______   _______   _______   ______  _______
Net (loss)/return after
taxation                     (534)  (40,873)   (41,407)     (440)     13,068    12,628     (634)   62,646   62,012
                            ======   =======     ======    ======    =======   =======   =======   ======  =======
(Loss)/return per share    (1.36)p (103.71)p  (105.07)p   (1.12)p     33.16p    32.04p   (1.61)p  158.96p  157.35p





JPMorgan Fleming Japanese Smaller Companies Investment Trust plc
Unaudited figures for the  six months ended 30th September 2006


Reconciliation of Movements in Shareholders' Funds (unaudited)

                                             
                                                   
                                                    
                                      Called up       Capital           
                                          share    redemption      Other     Capital    Revenue             
                                        capital       reserve    reserve     reserve    reserve        Total
                                          £'000         £'000      £'000       £'000      £'000        £'000

 At 31st March 2005                       3,940         1,784    315,620   (214,140)    (8,730)       98,474
Adjustment to opening
shareholders' funds at 1st April
2005 to reflect the adoption of
bid prices                                    -             -          -       (534)          -        (534)
                                            
Total return/(loss) from ordinary       
activities                                    -             -          -      62,646      (634)       62,012
                                        _______      ________    _______    ________    _______     ________
At 31st March 2006                        3,940         1,784    315,620   (152,028)    (9,364)      159,952
Total loss from ordinary activities           -             -               (40,873)      (534)     (41,407)
                                        _______      ________    _______    ________    _______     ________
At 30th September 2006                    3,940         1,784    315,620   (192,901)    (9,898)      118,545
                                        =======      ========    =======    ========    =======     ========




JPMorgan Fleming Japanese Smaller Companies Investment Trust plc
Unaudited figures for the six months ended 30th September 2006


Balance Sheet                                             (Unaudited)        (Unaudited)             (Audited)
                                                       30th September     30th September            31st March
                                                                 2006               2005                  2006
                                                                £'000              £'000                 £'000
Non current assets
Investments at fair value through profit or loss              134,380            119,635               185,358

Net current (liabilities) / assets                           (15,835)              1,442              (25,406)
                                                              _______            _______               _______
Total assets less current liabilities                         118,545            121,077               159,952
Creditors :
amounts falling due after more than one year                        -            (9,975)                     -
                                                              _______            _______               _______
Total net assets                                              118,545            111,102               159,952
                                                              =======            =======               =======
Net asset value per  share                                     300.8p             281.9p                405.9p



Cash Flow Statement                                       (Unaudited)        (Unaudited)             (Audited)
                                                     Six months ended   Six months ended            Year ended
                                                       30th September     30th September            31st March
                                                                 2006               2005                  2006
                                                                £'000              £'000                 £'000

Net cash outflow from operating activities                      (253)              (257)                 (878)
Net cash outflow from returns on investments and
servicing of finance                                             (59)              (624)               (1,278)
                                                                
Net cash inflow/(outflow) from capital
expenditure and financial investment                            9,165            (6,839)              (24,106)

Net cash (outflow)/inflow from financing                      (6,028)              5,084                21,151
                                                              _______             ______                ______
Increase/(decrease) in cash for the period                      2,825            (2,636)               (5,111)
                                                              =======             ======                ======



The figures and financial information for the year ended the 31st March 2006 are
extracted from the latest published accounts of the Company and do not
constitute statutory accounts for that year. Those accounts have been delivered
to the Registrar of Companies and included the report of the auditors which was
unqualified and did not contain a statement under either section 237(2) or 237
(3) of the Companies act 1985.



JPMORGAN ASSET MANAGEMENT (UK) LIMITED
18th December 2006




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