Holding(s) in Company

Baillie Gifford Japan Trust PLC
28 December 2005

                   NOTIFICATION OF MAJOR INTERESTS IN SHARES



1. Name of company


BAILLIE GIFFORD JAPAN TRUST PLC



2. Name of shareholder having a major interest


ASSET VALUE INVESTORS LIMITED



3. Please state whether notification indicates that it is in respect of holding
of the shareholder named in 2 above or in respect of a non-beneficial interest
or in the case of an individual holder if it is a holding of that person's
spouse or children under the age of 18


IN RESPECT OF (2) ABOVE



4. Name of the registered holder(s) and, if more than one holder, the number of
shares held by each of them


BoNY Nominees  25,000

Chase Nominees  2,386,797

State Street Nominees  40,000

Nortrust Nominees  1,203,203



5. Number of shares / amount of stock acquired


N/A



6. Percentage of issued class


N/A



7. Number of shares / amount of stock disposed


250,000



8. Percentage of issued class


0.40%



9. Class of security


ORDINARY SHARES OF 5P EACH



10. Date of transaction


14 December 2005




11. Date company informed


15 December 2005



12. Total holding following this notification


3,655,000



13. Total percentage holding of issued class following this notification


5.90%



14. Any additional information






15. Name of contact and telephone number for queries


Doreen Nic



16. Name and signature of authorised company official responsible for making
this notification






Date of notification


28 December 2005



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