Portfolio Update

Baillie Gifford Japan Trust PLC
05 December 2006

                      THE BAILLIE GIFFORD JAPAN TRUST PLC

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



30 November 2006



No       Holding                                          % of Total Assets



1.         Japan Tobacco                                       3.4%

2.         Sumitomo Realty & Development                       3.3%

3.         Canon                                               2.6%

4.         Mitsubishi UFJ Finl Gp.                             2.5%

5.         Diamond Lease                                       2.4%

6.         Yamada Denki                                        2.4%

7.         Sumitomo Heavy Industries                           2.4%

8.         Tokyu                                               2.4%

9.         USS                                                 2.4%

10.       SMC                                                  2.3%





                                                            Baillie Gifford & Co

                                                             Company Secretaries

                                                                 5 December 2006




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