Holding(s) in Company

Baillie Gifford Japan Trust PLC
08 March 2006

                      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 250,000 Ordinary shares Asset Value Investors Limited no longer hold a
notifiable interest in the Company.



                                                            Baillie Gifford & Co

                                                             Company Secretaries

                                                                    8 March 2006


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