Top 10 investments and holdings over 5%

Fidelity Japanese Values PLC

List of Top Ten Investments and all Holdings over 5% of Gross Assets at 30 June
2004, announced in accordance with Listing Rule 21.20 (l) (ii).

Security Description                                         % Gross Assets
                                                                           
DOSHISHA                                                                2.5
                                                                           
OTSUKA                                                                  2.4
                                                                           
CYBER AGENT                                                             2.4
                                                                           
RYOHIN KEIKAKU                                                          2.3
                                                                           
H.I.S.                                                                  2.0
                                                                           
KITZ CORP                                                               1.9
                                                                           
USS                                                                     1.9
                                                                           
TOYO INK MANUFACTURING                                                  1.9
                                                                           
FUJIKURA                                                                1.8
                                                                           
SHINKO ELECTRIC INDUSTRIES                                              1.7
                                                                           
TOTAL                                                                  20.8