Holding(s) in Company

Baillie Gifford Japan Trust PLC
09 October 2003

                      The Baillie Gifford Japan Trust PLC

                        Disclosure of interest in shares





The Baillie Gifford Japan Trust PLC has today been advised that following the
sale of Asset Value Investors Limited, Aberdeen Asset Managers Limited no longer
holds an interest  in the Company.



Asset Value Investors Limited currently holds 10,380,000 ordinary shares in the
Company, which equates to 16.76% of the 61,935,000 shares in issue.



                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                  9 October 2003


                      This information is provided by RNS
            The company news service from the London Stock Exchange