Portfolio Update

Baillie Gifford Japan Trust PLC
02 December 2004


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


No       Holding                                    % of Total Assets

1.       Aiful                                             3.2%
2.       Sumitomo Realty & Development                     3.1%
3.       Yamada Denki                                      3.0%
4.       Asahi Glass                                       2.9%
5.       JFE Holdings                                      2.6%
6.       Japan Tobacco                                     2.5%
7.       Itochu                                            2.5%
8.       Sumitomo Heavy                                    2.4%
9.       Diamond Lease                                     2.4%
10.      OMC Card                                          2.3%



                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                 2 December 2004


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

PFUBBBDDXXGGGSD