Interim Results

Fleming Japanese Inv Trust PLC
1 May 2001





                  THE FLEMING JAPANESE INVESTMENT TRUST PLC


                         STOCK EXCHANGE ANNOUNCEMENT


                     HALF YEARLY RESULTS TO 31 MARCH 2001



The Directors of The Fleming Japanese Investment Trust plc, today announce the
interim results for the half-year to 31 March 2001.



*      Net asset value per ordinary share fell by 24.0% to 279.7p.



*      Tokyo Stock Exchange 1st Section Index fell by 22.1% in sterling terms
       over the comparable period.



*      Ordinary share price fell by 26.0% to 244.5p as the discount at which
       the ordinary share trade to the net asset value widened from 10.2% to    
       12.6%.




1 May 2001



for and on behalf of
Chase Fleming Asset Management (UK) Limited - Secretary



For further information, please contact:


Fraser Easton
Chase Fleming Asset Management (UK) Limited...................020 7742 6000





                   THE FLEMING JAPANESE INVESTMENT TRUST PLC

           UNAUDITED FIGURES FOR THE HALF-YEAR ENDED 31  MARCH 2001


                                                         Half    Half Full year
                                                         year    year        30
                                                           31      31 September
                                                        March   March
                                                         2001    2000      2000


                                                        £'000   £'000     £'000
REVENUE


Income

           Franked dividends                                -      33        68
           Overseas dividends                           2,385   2,287     4,426
           Deposit interest                               164       9        29
           Stock lending fees                              15     204       338

Gross Revenue                                           2,564   2,533     4,861


Less       Management Fee                               2,059   2,316     4,804
           Other administrative expenses                  301     280       455
           Interest payable                             2,002   1,526     3,303

Return before taxation                                (2,155) (1,932)   (4,365)

                                                       ======  ======    ======
Less       Taxation                                       357     343       664

Return after taxation                                 (2,155) (1,589)   (3,701)

                                                       ======  ======    ======


                                                         Half    Half Full year
                                                         year    year        30
                                                           31      31 September
                                                        March   March
                                                         2001    2000      2000


                                                        £'000   £'000     £'000
CAPITAL


Return attributable to ordinary shareholders          (171,088) 277,125  88,862
                                                       ======  ======    ======


Dividends per ordinary share                              nil     nil       nil


Revenue return per ordinary share                      (1.10)p   (0.99)p (2.23)p
                                                                   
Capital return per ordinary share                      (7.36)p  141.50p  45.37p
                                                                   
Total return per ordinary share                       (88.46)p  140.51p  43.14p
                                                                   

At 31 March 2001


Total Net Assets (£'000)                              547,819 911,757   721,063
Net Asset Value per Ordinary Share                    279.7 p 465.5 p   368.2 p


                   THE FLEMING JAPANESE INVESTMENT TRUST PLC

           UNAUDITED FIGURES FOR THE HALF-YEAR ENDED 31  MARCH 2001


BALANCE SHEET                                            Half    Half Full year
                                                         year    year        30
                                                           31      31 September
                                                        March   March
                                                         2001    2000      2000


                                                        £'000   £'000     £'000


Investment at valuation                               651,297 1,095,245 872,389


Net current assets/(liabilities)                       45,628 (33,355)   (3,361)


Creditors : amounts falling due after more than one  (149,106)(150,133)(147,965)
year

Total net assets                                      547,189 911,757   721,063

                                                       ======  ======    ======
Net asset value per share                             279.7 p 465.5 p   368.2 p


CASH FLOW STATEMENT                                      Half    Half Full year
                                                         year    year        30
                                                           31      31 September
                                                        March   March
                                                         2001    2000      2000


                                                        £'000   £'000     £'000


Net cash outflow from operating activities              (485) (1,312)   (1,649)


Net cash outflow from returns on investments and      (2,020) (1,552)   (3,343)
servicing of finance


Total tax recovered                                         -       -        49


Net cash inflow/(outflow) from capital expenditure     28,341 (20,844)   (9,432)
and financial investment


Net cash (outflow)/inflow from financing              (1,048)  25,209    26,819

Increase in cash in the period                         24,788  25,209    26,819

                                                       ======  ======    ======



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 30 September 2000 have been delivered to the Registrar of
Companies.



CHASE FLEMING ASSET MANAGEMENT (UK) LIMITED



30 April 2001