Holding(s) in Company

Baillie Gifford Japan Trust PLC
23 July 2004


                      The Baillie Gifford Japan Trust PLC

                        Disclosure of interest in shares

The Baillie Gifford Japan Trust PLC has today been advised that following a sale
of 250,000 Ordinary shares on 20 July 2004 Asset Value Investors Limited now
holds 5,505,000 ordinary shares in the Company, which equates to 8.89% of the
61,935,000 shares in issue.


                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                    23 July 2004


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