Portfolio Update

Baillie Gifford Japan Trust PLC
03 March 2005

                      THE BAILLIE GIFFORD JAPAN TRUST PLC

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


28 February 2005


No         Holding                                     % of Total Assets

1.         Yamada Denki                                      3.2%

2.         Sumitomo Heavy                                    3.1%

3.         Sumitomo Realty & Development                     3.1%

4.         Aiful                                             3.0%

5.         Ashai Glass                                       2.7%

6.         Japan Tobacco                                     2.7%

7.         Itochu                                            2.7%

8.         JFE Holdings                                      2.6%

9.         Diamond Lease                                     2.4%

10.        Tokyu                                             2.2%


                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                    3 March 2005

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