Interim Management Statement

FIDELITY JAPANESE VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER       
ENDED 31 MARCH 2010                                                               
                                                                                  
Issued pursuant to the requirements of Chapter 4 of the Disclosure and            
Transparency Rules                                                                
                                                                                  
Objective                                                                         
                                                                                  
To achieve long-term capital growth from an actively managed portfolio of         
securities primarily of small and medium-sized Japanese companies listed or       
traded on the Japanese stock markets.                                             
                                                                                  
Benchmark                                                                         
                                                                                  
Russell Nomura Mid/Small Cap Index                                                
                                                                                  
Review of Period (total return)                                                   
                                                                                  
During the period:                                                                
                                                                                  
- the NAV increased by 17.51% against a 14.91% return for the benchmark.          
                                                                                  
- the share price increased by 12.37%                                             
                                                                                  
- The company uses Contracts For Difference ("CFDs") for gearing purposes. The    
Board and Managers continue to believe that investment in equities will produce   
strong returns for shareholders over the long term.                               
                                                                                  
- main portfolio changes are detailed in the top ten holdings below               
                                                                                  
Gearing exposure was 125.53% on 31 March 2010.                                    
                                                                                  
Material transactions                                                             
                                                                                  
- During the quarter 76,001 ordinary shares were issued following the exercise    
of conversion rights attached to subscription shares.                             
                                                                                  
Since the quarter end a further 6,006 ordinary shares were issued following a     
similar exercise. No shares were repurchased.                                     
                                                                                  
Material Events                                                                   
                                                                                  
Annual Report published.                                                          
                                                                                  
AGM held on 13 May 2010. All resolutions passed.                                  
                                                                                  
Additional Information                                                            
                                                                                  
Details of the Company                               Dealing Information          
                                                                                  
Fund Manager:  Shinji Higaki                         Listed:         London Stock 
                                                                     Exchange     
                                                                                  
Enquiries:     08457 100 456                         Broker:         Collins      
                                                                     Stewart      
                                                                                  
WWW Address:   www.fidelity.co.uk/                   Price Quoted:   Financial    
               its                                                   Times        
                                                                                  
               Copies of major                                       The Times    
               announcements and                                                  
               documentation                                         The Daily    
               relating to the                                       Telegraph    
               Company may be found                                               
               on the website                                        The          
                                                                     Independent  
                                                                                  
Launch Date:   15 March 1994                         Reuters Code:   FJV.L        
                                                                                  
               As at 31 March 2010  As at 13 May     SEAQ Code:      51054        
                                    2010                                          
                                                                                  
Ordinary       95,636,609           95,659,460       ISIN:           GB0003328555 
Shares In                                                                         
Issue:                                                                            
                                                                                  
Share price    16.53%               17.91%           Registered                   
discount to                                          office                       
NAV:                                                                              
                                                                                  
Total Net      £62.5m + £19.5m      £63.6m + £18.9m  Beech Gate                   
Assets:        exposure through     exposure through                              
               CFDs                 CFDs             Millfield Lane               
                                                                                  
                                                     Lower Kingswood              
Loan:          £0 - CFDs used for   £0 - CFDs used                                
               gearing purposes     for gearing      Tadworth                     
                                    purposes                                      
                                                     Surrey KT20 6RP              
                                                                                  
                                                                                  
                                                                                  
The Company's net asset value per share is announced daily and may be found on    
the Stock Exchange website www.londonstockexchange.com                            
                                                                                  
                             Portfolio Breakdowns                                 
                                                                                  
Sector        As at 31    As at 31     Largest 10       As at 31 March  As at 31  
Analysis (%   March 2010  December     Holdings (%      2010            December  
total assets)             2009         total assets)                    2009      
                                                                                  
Electrical    16.5        13.5         Toyoda Boshoku   2.7             1.8       
Machinery                                                                         
                                                                                  
Chemicals     9.4         11.7         Cyber Agent      2.5             2.5       
                                                                                  
Transport     9.4         6.5          Nippon Denko *   2.0             -         
Equipment                                                                         
                                                                                  
Machinery     8.2         5.1          LEC *            2.0             -         
                                                                                  
Information & 7.8         -            Gree             1.9             1.6       
Communication                                                                     
                                                                                  
Banks         6.5         6.2          Sanden *         1.7             -         
                                                                                  
Services      5.3         8.1          Aioi Insurance   1.7             1.6       
                                                                                  
Retail Trade  4.6         5.1          Sekisui House *  1.6             -         
                                                                                  
Other         31.3        35.9         Denki Kagaku     1.6             -         
                                       Kogyo KK *                                 
                                                                                  
Cash          1.0         3.9          Daikokutenbussan 1.6             -         
                                       *                                          
                                                                                  
Construction  -           4.0          Nifco **         -               2.7       
                                                                                  
Total         100         100          EPS **           -               2.1       
                                                                                  
                                       Asahi Glass **   -               2.0       
                                                                                  
                                       Suruga **        -               1.9       
                                                                                  
                                       Nippon Mining    -               1.8       
                                       Holdings **                                
                                                                                  
                                       Dena **          -               1.5       
                                                                                  
                                       * Not in top 10 at 31 December 2009        
                                                                                  
                                       ** No longer in top 10 as at 31 March 2010 

                      Performance Record (total return %)                      
                                                                               
            Price at   Quarter to   Quarter to  1 Year to  3 Years to 5 Years  
            31 March   31 December  31 March    31 March   31 March   to 31    
            2010 (p)   2009         2010        2010       2010       March    
                                                                      2010     
                                                                               
NAV         65.29          7.31        17.5        44.2      -17.6      -15.7  
                                                                               
Ordinary    54.50         10.07        12.4        63.9      -25.6      -23.8  
Share price                                                                    
                                                                               
Benchmark                  5.40        14.9        27.1       0.3       17.1   
Index                                                                          

As at 13 May 2010 the Company's NAV per share was 66.39p and the Company's
share price was 54.50p per ordinary share and 11.75p per subscription share.

                   Standardised Performance (total return %)                    
                                                                                
           31/03/2005    31/03/2006    31/03/2007    31/03/2008    31/03/2009   
                                                                                
           31/03/2006    31/03/2007    31/03/2008    31/03/2009    31/03/2010   
                                                                                
NAV        58.4          -35.4         -26.8         -21.9         44.2         
                                                                                
Ordinary   65.4          -38.1         -35.8         -29.3         63.9         
Share                                                                           
price                                                                           

By order of the Board

Rebecca Burtonwood

For and on behalf of FIL Investments International

Company Secretary

14 May 2010

Past performance is not a guide to future returns. The value of investments can
go down as well as up. For funds that invest in overseas markets, changes in
currency exchange rates may affect the value of an investment. Investments in
small and emerging markets can be more volatile than other more developed
markets. Source of performance: Fidelity and Datastream as at 31 March 2010.
Basis: bid-bid with net income reinvested. Fidelity only gives information
about its own products and services and does not provide investment advice
based on individual circumstances.