Portfolio Update

Baillie Gifford Japan Trust PLC
04 March 2008

                      THE BAILLIE GIFFORD JAPAN TRUST PLC
   Statement of Top Ten Investments and all Holdings Over 5% of Total Assets



29 February 2008



No         Holding                          % of Total Assets
1.         Itochu                                  2.9%
2.         Modec                                   2.7%
3.         Inpex Holdings                          2.7%
4.         Canon                                   2.6%
5.         East Japan Railway                      2.5%
6.         Asahi Glass                             2.4%
7.         Misumi Group                            2.4%
8.         Sumitomo Heavy Industries               2.2%
9.         Shimadzu                                2.2%
10.        Accordia Golf                           2.2%





                                                            Baillie Gifford & Co
                                                             Company Secretaries
                                                                    4 March 2008


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