AGM Statement

Fidelity Japanese Values PLC

At the Company's Annual General Meeting held on 6 May 2004, all resolutions
were duly passed. The resolutions passed under Special Business were as
follows:

  * The Directors' authority to allot a limited number of currently unissued
    ordinary shares for cash, without first offering such shares to existing
    ordinary shareholders pro-rata to their existing holdings, has been
    renewed.
   
  * The Company's authority to purchase up to 14,721,117 of its own shares for
    cancellation has been renewed. This represents approximately 14.99% of the
    number of ordinary shares in issue on 10 March 2004.
   
  * The Company's revised Articles of Association were adopted.
   
  * The continuation of the Company as an investment trust was approved.