Portfolio Update

Baillie Gifford Japan Trust PLC
02 March 2007



                      THE BAILLIE GIFFORD JAPAN TRUST PLC

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


28 February 2007


No       Holding                             % of Total Assets

1.       Canon                                            2.6%
2.       Japan Tobacco                                    2.5%
3.       Asahi Glass                                      2.4%
4.       Sumitomo Heavy Industries                        2.4%
5.       Mitsui OSK Lines                                 2.4%
6.       Itochu                                           2.3%
7.       Diamond Lease                                    2.3%
8.       Mitsubishi UFJ Financial                         2.3%
9.       KDDI                                             2.3%
10.      USS                                              2.2%


                                                            Baillie Gifford & Co
                                                             Company Secretaries
                                                                    2 March 2007



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

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