Repayment of Loan

Fidelity Japanese Values PLC
7 November 2001


Fidelity Japanese Values PLC announces that the Company intends to repay Y
1.594 billion drawn down under a loan agreement entered into on 8 May 2001.
This amount will be repaid on 15 November 2001 but the loan facility will
remain in place. Following this repayment the Company's total borrowings will
be Y3.179 billion.

As at 7 November 2001, the Company's gross gearing was 43.52% (net gearing:
28.13%) and following repayment of the Y1.594 billion the gross gearing (based
on figures at 7 November 2001) will be approximately 29% (net gearing:
approximately 28%).



7 November 2001