Interim Results

Fleming Japanese Smaller Cos IT PLC
8 December 2000

                                                          
 THE FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST PLC
                                                                           
The  Fleming Japanese Smaller Companies Investment  Trust
plc  announces its results for the six months ended  30th
September 2000.

This has been a disappointing period for Japanese equities, 
as they have been affected by worries about the strength 
of the domestic economic recovery and by unease about 
stock markets worldwide.

No  dividend  has  been declared  by  the  Board  as  the
Company's forecasts suggest that there will be a revenue
deficit at the end of the financial year.


For further information, please contact:
Linda Field/Hilary Lowe                   020 7742 6000


THE FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST PLC

UNAUDITED FIGURES FOR THE HALF YEAR ENDED 30TH SEPTEMBER
2000

                                         2000*

                                        £'000

REVENUE

Income

     Overseas dividends                   181
     Deposit interest                       3
                                     
Gross Revenue                             184

Less Management fee                     1,404
     Other administrative expenses        233
     Interest payable                     437
                                        
Return before Taxation                 (1,890)

Less Taxation                              27

Return attributable to
ordinary shareholders                  (1,917)

Dividend per ordinary share               nil

                                        £'000 

CAPITAL

Return attributable to ordinary
shareholders                         (129,003)

Revenue return per ordinary share      (3.36)p 
Capital return per ordinary share    (226.35)p 
Total return per ordinary share      (229.71)p

* These numbers arise as the Company was created in this period.



THE FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST PLC

UNAUDITED FIGURES FOR THE HALF-YEAR ENDED 30TH SEPTEMBER 2000



BALANCE SHEET

                                         2000
                                        £'000 

Investments at valuation              227,402

Net current assets                     47,982

Total assets less current 
liabilities                           275,384 

Creditors: amounts falling
due after one year                    (45,414)

Total Net Assets                      229,970

Net asset value per share              407.9p


CASH FLOW STATEMENT
                                         2000
                                        £'000

Net cash outflow from operating
activities                             (1,604)

Net cash outflow from returns on
investments and servicing of finance     (789)

Net cash outflow from capital
expenditure and financial investment (356,172) 

Net cash inflow from financing        405,017

Increase in cash in the period         46,452

The  above  financial  information  does  not constitute statutory accounts 
as defined in Section  240  of  the Companies Act 1985.

CHASE FLEMING ASSET MANAGEMENT (UK) LIMITED