Portfolio Update

Baillie Gifford Japan Trust PLC
04 June 2007





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




31 May 2007


No       Holding                                  % of Total Assets

1.       Japan Tobacco                            2.9%
2.       Canon                                    2.8%
3.       Sumitomo Heavy Industries                2.7%
4.       Itochu                                   2.7%
5.       KDDI                                     2.5%
6.       Modec                                    2.5%
7.       Asahi Glass                              2.4%
8.       Yamada Denki                             2.3%
9.       Mitsubishi UFJ Financial                 2.3%
10.      USS Company                              2.3%




                                                            Baillie Gifford & Co
                                                             Company Secretaries
                                                                     4 June 2007




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