Final Results

JPMorgan Japanese Inv. Trust PLC
21 November 2007



                       LONDON STOCK EXCHANGE ANNOUNCEMENT

                     JPMORGAN JAPANESE INVESTMENT TRUST PLC

                                 FINAL RESULTS


Investment Performance

2007 has proved to be another challenging year for investors in the Japanese
market and, disappointingly, the Company has again struggled to generate
positive returns for shareholders. Over the year to 30th September 2007 the
Company saw a decline in net assets of 11.4%, underperforming our benchmark, the
TOPIX Index, which fell 4.5%. The return to shareholders was a fall of 15.7%, as
the discount on the Company's shares widened from 7.7% to 12.2% at the end of
the financial year.



Revenue and Dividends

Net revenue after taxation for the year was £5,436,000 (2006: £6,692,000) and
earnings per share were 2.96p (2006: 3.60p). As I indicated in my interim
statement, the Company is now in a position to pay a dividend and the Board
proposes, subject to shareholders' approval at the AGM, to pay a final dividend
of 2.80p per share (2006: Nil). The dividend would be payable on 21st December
2007 to shareholders on the register at the close of business on 30th November
2007. I would again stress that dividend streams from Japan remain unpredictable
and depend to a considerable degree on the construction of the portfolio at any
given time. I would emphasize therefore, that this year's payment should not be
taken as any indication of future dividend payments and forecasts provided to
the Board indicate that, based on the current portfolio, a reduction is likely
in the year to September 2008.



Investment Manager

The Company's objective is to provide shareholders with capital growth from a
portfolio of investments in Japanese companies. The Board, in common with
shareholders, is concerned that the Investment Manager has failed to generate
outperformance of the Company's benchmark in recent years and, most
particularly, during the year to 30th September 2007. These concerns resulted in
the Board conducting a detailed review of the investment management process
being pursued by JPMorgan Asset Management (UK) Limited and, following that
review, it has been agreed with the Manager that there is a requirement to
improve and strengthen the investment process and that this would be best
achieved by relocating the day-to-day management of the portfolio assets from
London to Tokyo.  The head of the Jardine Fleming office there, James Elliot,
together with Nicholas Weindling, part of the Tokyo investment management team,
will be taking responsibility for the portfolio effective 1st December 2007.
JPMorgan Asset Management (UK) Limited has also agreed a reduction in the notice
period provisions in the management agreement from one year to six months as
part of this review. The Board has also assessed the overall capabilities of the
Investment Manager, in order to assess whether JPMorgan Asset Management (UK)
Limited remains the most appropriate manager of the Company's assets. The Board
is conscious of the resources devoted by JPMorgan to Japanese investment
management throughout the Group and the Manager's longer term track record.
Nevertheless, the Board is acutely aware of the need to achieve a material
improvement in performance if it is not to further consider its options and have
communicated this to the Manager.



Board of Directors

During the year, the Board carried out an evaluation of the Directors, the
Chairman, the Board's operations and its Committees. Three Directors are seeking
re-election at this year's Annual General Meeting. The Directors retiring by
rotation are Andrew Fleming and Keith Percy, who being eligible offers
themselves for re-election. In addition, I, having served as a Director for in
excess of nine years, therefore also retire and will seek re-election. The Board
does not believe that length of service in itself should disqualify a Director
from seeking re-election and, in proposing my re-election, it has taken into
account the ongoing requirements of the Combined Code, including the need to
refresh the Board and its Committees. Both Andrew and Keith have proved
invaluable in the Board's deliberations and I have no hesitation in recommending
their re-election.



Authority to Repurchase the Company's Shares

At last year's AGM, shareholders granted the Directors authority to repurchase
up to 14.99% of the company's shares for cancellation. The Company repurchased
4.8% of the Company's issued share capital (8,818,000 shares) for cancellation
during the year, adding 0.5% to performance, and the Directors believe that the
power to buyback shares is of ongoing benefit to shareholders. It is therefore
proposed that the authority be renewed for a further period.



Annual General Meeting

This year's Annual General Meeting will be held on 20th December 2oo7 at 2.00 pm
in JPMorgan's offices at 6o Victoria Embankment, London EC4Y 0JP. As in previous
years, in addition to the formal part of the meeting, there will be a
presentation from the Investment Managers who will answer questions on the
portfolio and performance. There will also be an opportunity to meet the Board,
the Investment Managers and representatives of JPMorgan after the meeting. I
look forward to welcoming as many of you as possible to this meeting. If you
have any detailed or technical questions, it would be helpful if you could raise
these in advance of the meeting with the Company Secretary at Finsbury Dials, 20
Finsbury Street, London EC2Y 9AQ. Shareholders who are unable to attend the AGM
are encouraged to use their proxy votes.



Prospects

The Japanese economy has enjoyed a relatively benign period with modest growth
and low interest rates. The fact that both stock market performance and the
returns generated by the Company have been below expectation is a matter of
concern for us all. For the markets to move ahead, a change in outlook from
Japanese investors and consumers alike is required. Investors need to recognise
the fact that many Japanese companies are attractively valued, growing profits
and investing in the future, whilst consumers need to throw off their caution
and dip into their ample savings. From the Company's point of view, the Board
and the Managers have instituted a number of measures designed to improve the
investment process.





Jeremy Paulson-Ellis
Chairman

21st November 2007

For further information, please contact:
Andrew Norman
For and on behalf of
JPMorgan Asset Management (UK) Limited - Secretary
020 7742 6000



JPMorgan Japanese Investment Trust plc
Unaudited figures for the year ended 30th September 2007



Income Statement


                                     (Unaudited)                                       (Audited)
                                     Year ended 30th September 2007         Year  ended 30th September 2006
                                         Revenue      Capital         Total    Revenue    Capital      Total
                                           £'000        £'000         £'000      £'000      £'000      £'000
(Losses)/gains from investments held
at fair value                                  -     (67,960)      (67,960)          -        996        996
Net foreign currency gain                      -        4,878         4,878          -      4,901      4,901
Income from investments                    6,648            -         6,648      7,245          -      7,245
Other interest receivable and
similar income                               420            -           420      1,205          -      1,205
Gross return/(loss)                        7,068     (63,082)      (56,014)      8,450      5,897     14,347

Management fee                             (621)      (2,483)       (3,104)      (702)    (2,808)    (3,510)

Other administrative expenses              (415)            -         (415)      (460)          -      (460)

Net return/(loss) on ordinary
activities before finance costs and
taxation                                   6,032     (65,565)      (59,533)      7,288      3,089     10,377

Finance costs                              (131)        (524)         (655)       (89)      (358)      (447)

Net return/(loss) on ordinary
activities before taxation                 5,901     (66,089)      (60,188)      7,199      2,731      9,930
Taxation                                   (465)            -         (465)      (507)          -      (507)

Net return/(loss) on ordinary
activities after taxation                  5,436     (66,089)      (60,653)      6,692      2,731      9,423

Return/(loss) per  share                   2.96p     (35.97)p      (33.01)p      3.60p      1.47p      5.07p








All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the year.


The 'Total' column of this statement is the profit and loss account of the
Company and the 'Revenue' and 'Capital' columns represent supplementary
information. The 'Total' column represents all the information that is required
to be disclosed in a Statement of Total Recognised Gains and Losses ('STRGL').
For this reason a STRGL has not been presented.





JPMorgan Japanese Investment Trust plc
Unaudited figures for the year ended 30th September 2007



Reconciliation of Movements in Shareholders' Funds (Unaudited)


                                          Called up                   Capital
                                                                   redemption
                                              Share        Other                  Capital    Revenue
                                            capital    reserve        reserve   reserve      reserve     Total
                                              £'000        £'000        £'000       £'000      £'000     £'000
At 30th September 2005                       46,450      166,791        2,512     295,299    (6,763)   504,289
Adjustment to opening shareholders'              
funds at 1st October 2005 to reflect
the adoption of bid prices                        -            -            -     (1,209)         -     (1,209)

Shares bought back and cancelled               (70)            -           70       (762)          -     (762)
Total return from ordinary activities             -            -            -       2,731      6,692     9,423
Unclaimed dividends returned in the               -            -            -           -          7         7
year
At 30th September 2006                       46,380      166,791        2,582     296,059       (64)   511,748
Shares bought back and cancelled            (2,204)            -        2,204    (19,325)          -  (19,325)
Total (loss)/return from ordinary                 -            -            -    (66,089)      5,436  (60,653)
activities
At 30th September 2007                       44,176      166,791        4,786     210,645      5,372   431,770




JPMorgan Japanese Investment Trust plc
Unaudited figures for the year ended 30th September 2007


   Balance Sheet                                                        (Unaudited)            (Audited)
                                                                30th September 2007  30th September 2006
                                                                              £'000                £'000
Fixed assets
Investments at fair value                                                   485,058              575,721

Current assets
Debtors                                                                      26,976                2,224
Derivative financial instrument                                                   1                    -
Cash at bank and in hand                                                        203                  879
                                                                            _______              _______
                                                                             27,180                3,103

Creditors: amounts falling due within one year                             (80,468)             (67,076)

Net current liabilities                                                    (53,288)             (63,973)
                                                                            _______              _______
Total assets less current liabilities                                       431,770              511,748
                                                                            _______              _______
Total net assets                                                            431,770              511,748
                                                                            =======              =======
Capital and reserves
Called up share capital                                                      44,176               46,380
Other reserve                                                               166,791              166,791
Capital redemption reserve                                                    4,786                2,582
Capital  reserve                                                            210,645              296,059
Revenue reserve                                                               5,372                 (64)
                                                                            _______              _______
Shareholders' funds                                                         431,770              511,748
                                                                            =======              =======
Net asset value per share                                                    244.3p               275.8p



Cash Flow Statement                                                     (Unaudited)            (Audited)
                                                                30th September 2007  30th September 2006
                                                                              £'000                £'000

Net cash inflow from operating activities                                     3,030                3,660
Returns on investments and servicing of finance                               (663)                (478)

Net cash inflow from capital expenditure and financial                       14,624                4,573
investment

Unclaimed dividends returned                                                      -                    7
Net cash outflow from financing                                            (18,378)              (6,703)
                                                                            _______              _______
(Decrease)/increase  in cash and cash equivalents                           (1,387)                1,059
                                                                            =======              =======






Notes to the Accounts



1. Accounting policies



The accounts are prepared in accordance with the Companies Act 1985 and 2006
where applicable, United Kingdom Generally Accepted Accounting Practice ('UK
GAAP') and with the Statement of  Recommended Practice 'Financial Statements of
Investment Trust Companies' dated 31st December 2005.



All of the Company's operations are of a continuing nature.



2. Return /(loss)per share


                                                                           (Unaudited)            (Audited)
                                                                   30th September 2007  30th September 2006
                                                                                 £'000                £'000
Return per share is based on the following:
Revenue return                                                                   5,436                6,692
Capital (loss)/return                                                         (66,089)                2,731
Total (loss)/return                                                           (60,653)                9,423

Weighted average number of shares in issue                                 183,714,823          185,699,611
Revenue return per ordinary share                                                2.96p                3.60p
Capital (loss)/return per ordinary share                                      (35.97)p                1.47p
Total (loss)/return per ordinary share                                        (33.01)p                5.07p



3. Net asset value per share



The net asset value per share is based on the net assets attributable to the
ordinary shareholders of £431,770,000 (2006: £511,748,000) and on the
176,703,919 (2006: 185,521,919) shares in issue at the year end.



4. Status of preliminary announcement



The financial information set out in this preliminary announcement does not
constitute the Company's statutory accounts for the years ended 30th September
2007 or 2006. The statutory accounts for the year ended 30th September 2007 have
not been delivered to the Registrar of Companies, nor have the auditors yet
reported on them. The statutory accounts for the year ended 30th September 2007
will be finalised on the basis of the information presented by the Directors in
this preliminary announcement and will be delivered to the Registrar of
Companies following the approval of the accounts by the Board of Directors.



JPMORGAN ASSET MANAGEMENT (UK) LIMITED

21ST NOVEMBER 2007




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