Portfolio Update

Baillie Gifford Japan Trust PLC
04 December 2007


                      THE BAILLIE GIFFORD JAPAN TRUST PLC

   Statement of Top Ten Investments and all Holdings Over 5% of Total Assets


30 November 2007
                                                  
No         Holding                                  % of Total Assets

1.         Japan Tobacco                                         3.2%
2.         Yamada Denki                                          3.0%
3.         Sumitomo Heavy Industries                             2.6%
4.         Asahi Glass                                           2.6%
5.         Inpex Holdings                                        2.6%
6.         Canon                                                 2.6%
7.         Itochu                                                2.5%
8.         Modec                                                 2.4%
9.         Yaskawa Electric                                      2.3%
10.        Misumi Group                                          2.3%

                                                            Baillie Gifford & Co
                                                             Company Secretaries
                                                                 4 December 2007


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