Holding(s) in Company

Baillie Gifford Japan Trust PLC
25 May 2004



                      The Baillie Gifford Japan Trust PLC

                        Disclosure of interest in shares


The Baillie Gifford Japan Trust PLC has today been advised that following sales
of 800,000 Ordinary shares on 20 and 21 May 2004 Asset Value Investors Limited
now holds 7,680,000 ordinary shares in the Company, which equates to 12.40% of
the 61,935,000 shares in issue.


                                                           Baillie Gifford & Co.

                                                           Company Secretaries

                                                                  25 May 2004




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