Final Results

JPMorgan Fleming Japanese Smllr Cos
16 June 2004


        JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST PLC

                       STOCK EXCHANGE ANNOUNCEMENT


16th June 2004

The Board today announces the preliminary results of the Company for the year
ended 31st March 2004.

Investment Performance

In this my first annual statement to shareholders, I am pleased to report that
following three difficult years for investors in the Japanese Smaller Companies
sector, the year to 31st March 2004 has seen a marked improvement. In this
better climate, the Company's net assets per share rose by 74.2%. This advance
compares favourably with the 51.7% return achieved by our benchmark, the
Citigroup Equity Index Japan Extended Market (in sterling terms). During the
year, the Company's share price increased by 112.7%, from 118.5p to 252.0p - the
discount to net asset value narrowed from 24.6% to 8.0%.

The major factor behind the Company's outperformance has been the Investment
Manager's successful sector allocation. The Company's gearing also contributed
positively.

Board of Directors

As mentioned in my interim statement, Nicholas Sibley retired as Chairman and a
Director on 20th June 2003, his 65th birthday, having been associated with the
Company and its predecessor for 19 years. Subsequently, with effect from 30th
April 2004, Anthony Newsome resigned as a Director to pursue other interests. I
would like to take this opportunity to thank both Nicholas and Anthony for their
valuable contribution to the Board's deliberations.

Bernard 'Ben' Grigsby was appointed as a Director on 31st August 2003. He is
currently Vice Chairman of Swiss Re Capital Management and Advisory, and between
1995 and 2001 was the Joint Chief Executive Officer and Director of Tokai Bank
Europe. He has already proved to be a valuable addition to the Board, and I
would therefore urge shareholders to vote in favour of his election at the
forthcoming Annual General Meeting.

Change of Named Investment Advisor

The Manager of the Company's assets is JF Asset Management Limited. With effect
from 6th February 2004, the named investment advisor is Tadashi Ohta who assumed
the position following David Scott's resignation from JF Asset Management
Limited. Tadashi is a senior investment manager and a Japan smaller company
specialist with the Japan Portfolio Group in Tokyo. He joined Jardine Fleming
Securities in 1997 as a senior small cap analyst before taking up his current
role in 2003.

Share Buybacks

The Board considers that it is in the interest of shareholders to maintain the
ability to repurchase shares and a resolution to renew this authority will be
put to shareholders at the forthcoming Annual General Meeting. During the year,
the Company repurchased a total of 1,150,000 shares for cancellation, which
enhanced the net asset value by approximately 0.55%.

Annual General Meeting

The Annual General Meeting will be held at 12.30 p.m. on 15th July 2004, at 10
Aldermanbury, London EC2V 7RF. My colleagues on the Board, the investment
manager, who will make a presentation on the portfolio and performance, and I
all look forward to welcoming shareholders to the meeting. All questions will of
course be welcome but, in the case of those expecting a detailed response, it
would be helpful to have them submitted to the Company Secretary at Finsbury
Dials, 20 Finsbury Street, London EC2Y 9AQ, as soon as possible.


Alan Clifton
Chairman        16th June 2004

JPMorgan Fleming Japanese Smaller Companies  Investment Trust plc
Audited figures for the year ended 31 March 2004

Statement of Total Return (Audited)

                                                        Year ended 31 March 2004         Year ended 31 March 2003
                                                     Revenue     Capital     Total     Revenue   Capital       Total
                                                       £'000       £'000     £'000       £'000     £'000       £'000

Realised gains/(losses) on investments                     -      25,138    25,138           -   (6,837)     (6,837)
Unrealised gains/(losses) on investments                   -      21,657    21,657           -  (16,033)    (16,033)
Currency (losses)/gains on cash and
short-term deposits held during the year                   -       (393)     (393)           -       156         156    
Realised gains/(losses) on repayment of Yen loan           -          20        20           -     (326)       (326)
Unrealised gains on Yen loan                               -         147       147           -         -           -
Other capital charges                                      -        (42)      (42)           -      (35)        (35)
Overseas dividends                                       863           -       863         707         -         707
Stock lending fees                                       109           -       109           -         -           -
Deposit interest                                           2           -         2           1         -           1
                                                     _______    ________   _______     _______   _______     _______

Gross return/(loss)                                      974      46,527    47,501         708  (23,075)    (22,367)
Management fee                                       (1,156)           -   (1,156)     (1,079)         -     (1,079)
Other administrative expenses                          (200)           -     (200)       (214)         -       (214)
Interest payable and similar charges                   (400)           -     (400)       (832)         -       (832)
                                                     _______     _______   _______     _______   _______     _______

(Loss)/return before taxation                          (782)      46,527    45,745     (1,417)  (23,075)    (24,492)
Taxation                                                (52)           -      (52)       (106)         -       (106)
                                                     _______     _______   _______     _______   _______     _______

Total (loss)/return attributable to ordinary           (834)      46,527    45,693     (1,523)  (23,075)    (24,598)
shareholders

(Loss)/return per ordinary share                     (2.11)p     117.77p   115.66p     (3.51)p  (53.10)p    (56.61)p
Dividend per ordinary share                              Nil                               Nil


JPMorgan Fleming Japanese Smaller Companies Investment Trust plc
Audited figures for the year ended 31 March 2004

BALANCE SHEET                                                                    31 March         31 March
                                                                                     2004             2003
                                                                                    £'000            £'000

Investments at valuation                                                          123,013           62,365

Net current assets                                                                    260            4,566

Long term liabilities                                                            (15,340)          (3,190)

                                                                                  _______          _______
Total net assets                                                                  107,933           63,741
                                                                                  =======          =======

Share capital and reserves                                                        107,933           63,741

                                                                                  _______          _______
Total net assets                                                                  107,933           63,741
                                                                                  =======          =======
Net asset value per ordinary share                                                 273.9p           157.2p


CASH FLOW STATEMENT
                                                                                     2004             2003
                                                                                    £'000            £'000

Net cash outflow from operating activities                                          (373)            (816)

Net cash outflow from servicing of finance                                        (1,315)          (1,227)

Net cash (outflow)/inflow from capital expenditure and financial
investment                                                                       (15,293)           18,710

Net cash inflow/(outflow) from financing                                           11,150         (10,775)
                                                                                  _______          _______
(Decrease)/increase in cash for the year                                          (5,831)            5,892
                                                                                  =======          =======

The financial information set out above does not constitute the Company's
statutory accounts for the years ended 31 March 2004 or 2003, but is derived
from those accounts. Statutory accounts for 2003 have been delivered to the
Registrar of Companies and those for 2004 will be delivered following the
Company's Annual General Meeting. The auditors have reported on those accounts;
their reports were unqualified and did not contain statements under S273(2) or
(3) of the Companies Act 1985.


J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED
16th June 2004


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