Interim Management Statement

FIDELITY JAPANESE VALUES PLC - INTERIM MANAGEMENT STATEMENT FOR THE QUARTER     
ENDED 30 SEPTEMBER 2012                                                         
                                                                                
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 decreased by 4.36% against a decrease of 4.39% for the benchmark.     
                                                                                
- the share price decreased by 4.76%;                                           
                                                                                
- gearing continued to be maintained by way of Contracts For Difference;        
                                                                                
- total gearing exposure was 121.29% on 30 September 2012;                      
                                                                                
- main portfolio changes are detailed in the top ten holdings below.            
                                                                                
Material transactions                                                           
                                                                                
- 388,000 shares were repurchased for cancellation during the period and no     
shares have been repurchased since the period end.                              
                                                                                
- 999 Ordinary shares were issued during the period following the exercise of   
the rights attached to subscription shares.                                     
                                                                                
Material Events                                                                 
                                                                                
Half-yearly report published.                                                   
                                                                                
Details of the Company                              Dealing Information         
                                                                                
Fund Manager: Shinji Higaki                         Listed:         London Stock
                                                                    Exchange    
                                                                                
Enquiries:    08457 100 456                         Broker:         Canaccord   
                                                                    Genuity     
                                                                                
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                                          The         
              website                                               Independent 
                                                                                
Launch Date:  15 March 1994                         Reuters Code:   FJV.L       
                                                                                
              As at 30 September  As at 16 November SEAQ Code:      51054       
              2012                2012                                          
                                                                                
Ordinary      96,818,876          96,819,276        ISIN:           GB0003328555
Shares In                                                                       
Issue:                                                                          
                                                                                
Share price   17.16%              16.79%            Registered                  
discount to                                         office                      
NAV:                                                                            
                                                                                
Total Net     £58.4m              £57.0             Beech Gate                  
Assets:                                                                         
                                                    Millfield Lane              
                                                                                
Gearing       121.29%             120.57%           Lower Kingswood             
Exposure :                                                                      
                                                    Tadworth                    
                                                                                
                                                    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 30    As at 30     Largest 10     As at 30      As at 30    
Analysis (%   September   June 2012    Holdings (%    September     June 2012   
total assets) 2012                     total assets)  2012                      
                                                                                
Information & 13.7        9.8          M3             3.9           3.6         
Communication                                                                   
                                                                                
Electrical    9.4         12.4         Kakaku.com     3.7           3.3         
Machinery                                                                       
                                                                                
Services      8.6         7.3          Sekisui        3.5           3.9         
                                       Chemical                                 
                                                                                
Chemicals     8.6         13.0         Lixil Group    3.1           2.3         
                                                                                
Retail Trade  7.1                      Takata         3.0           3.5         
                                                                                
Machinery     5.7         6.7          Maruwa         2.9           2.9         
                                                                                
Metal         5.6         4.5          Bit-Isle       2.7           2.3         
Products                                                                        
                                                                                
Wholesale     4.6         5.4          GMO Payment    2.5           2.7         
Trade                                  Gateway                                  
                                                                                
Other         32.5        30.9         Honeys         2.1           -*          
                                                                                
Cash          4.3         5.6          Sumitomo       1.9           -*          
                                       Rubber                                   
                                                                                
Transport     -           4.6          Cyberagent                   2.4         
Equipment                                                                       
                                                                                
Total         100         100          Hitachi High   -**           2.2         
                                       Technologies                             
                                                                                
                                       * Not in top 10 at 30 June 2012          
                                                                                
                                       ** No longer in top 10 at 30 September   
                                       2012                                     

                      Performance Record (total return %)                      
                                                                               
                Price at 30  Quarter to Quarter   1 Year to 3 Years   5 Years  
                September    30 June    to 30     30        to 30     to 30    
                2012 (p)     2012       September September September September
                                        2012      2012      2012      2012     
                                                                               
NAV             60.36        -3.88        -4.36    -10.34     2.20     -17.90  
                                                                               
Ordinary Share  50.00        -2.78        -4.76     -9.91     -2.44    -22.18  
price                                                                          
                                                                               
Benchmark Index              -5.42        -4.39    -10.23     -5.16     -4.47  
                                                                               

As at 16 November 2012 the Company's NAV per share was 58.89p and the Company's
share price was 49.00p per share. The subscription shares have an exercise
price of 55.0p per share, as at 16 November 2012 the subscription share price
was 0.90p per share.

                   Standardised Performance (total return %)                   
                                                                               
               30/09/2007   30/09/2008   30/09/2009   30/09/2010   30/09/2011  
                                                                               
               30/09/2008   30/09/2009   30/09/2010   30/09/2011   30/09/2012  
                                                                               
NAV            -30.0        14.8         0.9          12.99        -10.34      
                                                                               
Ordinary Share -31.9        17.1         -2.4         11.00        -9.91       
price                                                                          
                                                                               
Benchmark      -17.4        22.4         -1.2         6.49         -10.23      
Index                                                                          
                                                                               

By order of the Board

Christopher Pirnie

For and on behalf of FIL Investments International

Company Secretary

19 November 2012

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 30 September
2012. 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.