Interim Results

JPMorgan Fleming Japanese Smllr Cos
08 December 2004

STOCK EXCHANGE ANNOUNCEMENT



                  JPMORGAN FLEMING JAPANESE SMALLER COMPANIES
                              INVESTMENT TRUST PLC


Unaudited Results for the six months ended 30th September 2004


Performance

Following a marked improvement in both the Japanese smaller companies sector and
the Company's performance during the year ended 31st March 2004, it is
disappointing to have to report that the six months to 30th September 2004 have
proved unfavourable for investors. The Company's net assets per share decreased
by 17.6% during the period, which is worse than the return from the benchmark,
the Citigroup Equity Index Japan Extended Market (in sterling terms), which
declined by 7.4%.

The period under review has been characterised by the volatility generally
prevalent in the small cap market and this has not escaped the portfolio. For
instance, following a change in market direction in early 2004, the investment
managers began an asset allocation switch from economically sensitive stocks to
structural growth companies. However, due to several external factors the market
experienced a severe correction in May and the Company suffered as a result,
with the portfolio's exposure to certain core companies adversely impacting
performance. To offset the volatility, the investment managers reduced the
Company's positions in certain stocks in August, although they believe that the
fundamentals of these companies remain strong and that growth companies will
outperform in the long-term.

The Board continues to support the investment managers' strategy of focusing on
individual company research, seeking out those stocks with the most growth
potential. Nevertheless, whilst the last three years has undoubtedly been a
difficult period for investors in the Japanese smaller companies sector, the
Board is not satisfied with the total returns earned by the Company. We shall
continue to rigorously review the investment process and its timely application
in our determination to see that at least satisfactory investment returns are
delivered.

We are pleased that Tadashi Ohta will be joined by David Mitchinson in the
management of the Company's assets.  They are backed up by JPMorgan Fleming's
strong team, and the Board is satisfied that the management of the portfolio is
properly resourced.



Alan Clifton
Chairman
8th December 2004



For further information, please contact:
Richard Lewis
For and on behalf of
J.P. Morgan Fleming Asset Management (UK) Limited - Secretary
020 7742 6000


JPMorgan Fleming Japanese Smaller Companies Investment Trust plc
Unaudited figures for the six months ended 30 September 2004



Statement of Total Return (Unaudited)
                       Six months to 30 September     Six months to 30 September 2003     Year to 31 March 2004
                                            2004

                     Revenue    Capital     Total   Revenue   Capital       Total   Revenue   Capital     Total

                       £'000      £'000     £'000     £'000     £'000       £'000     £'000     £'000     £'000


Realised (losses)/
gains on
investments                -    (3,388)   (3,388)         -    10,337      10,337         -    25,138    25,138
Net unrealised
(losses)/gains on
investments                -   (15,878)  (15,878)         -    22,164      22,164         -    21,657    21,657
Currency gains/
(losses) on cash
and short-term
deposits held
during the period          -                              -
                                    284       284               (128)       (128)         -     (393)     (393)
Realised gains on
repayment of Yen
loan                       -        124       124         -         -           -         -        20        20
Unrealised gains/
(losses) on Yen
loan                       -        324       324         -     (124)       (124)         -       147       147
Other capital              -       (16)      (16)         -      (17)        (17)         -      (42)      (42)
charges
Overseas dividends       209          -       209       296         -         296       863         -       863
Other income             215          -       215         4         -           4       111         -       111
                     _______   ________   _______    ______   _______    ________   _______   _______   _______

Gross return/            424   (18,550)  (18,126)       300    32,232      32,532       974    46,527    47,501
(loss)

Management fee         (740)          -     (740)     (472)         -       (472)   (1,156)         -   (1,156)

Other
administrative
expenses                (92)          -      (92)      (99)         -        (99)     (200)         -     (200)

Interest payable        (52)          -      (52)     (326)         -       (326)     (400)         -     (400)

                     _______    _______   _______    ______   _______     _______   _______   _______   _______

(Loss)/return          (460)   (18,550)  (19,010)     (597)    32,232      31,635     (782)    46,527    45,745
before taxation

Taxation                (15)          -      (15)      (12)         -        (12)      (52)         -      (52)

                      ______    _______   _______    ______   _______      ______   _______   _______   _______

(Loss)/return
attributable to
ordinary               (475)   (18,550)  (19,025)     (609)    32,232      31,623     (834)    46,527    45,693
shareholders

(Loss)/return per
ordinary share
                     (1.21)p   (47.07)p  (48.28)p   (1.54)p    81.38p      79.84p   (2.11)p   117.77p   115.66p

JPMorgan Fleming Japanese Smaller Companies Investment Trust plc

Unaudited figures for the six months ended 30 September 2004


BALANCE SHEET                                                       30 September    30 September        31 March
                                                                            2004            2003            2004
                                                                           £'000           £'000           £'000

Investments at valuation                                                  88,040         106,646         123,013


Net current assets                                                        10,092             828             260

Creditors (amounts falling due after more than one year)                 (9,224)        (13,611)        (15,340)
                                                                         _______         _______         _______
Total net assets                                                          88,908          93,863         107,933
                                                                           =====           =====           =====
Net asset value per ordinary share                                        225.6p          238.2p          273.9p

CASH FLOW STATEMENT
                                                                            2004            2003            2004
                                                                           £'000           £'000           £'000

Net cash outflow from operating activities                                 (194)            (64)           (373)

Net cash outflow from returns on investments and servicing
of finance
                                                                           (624)           (669)         (1,315)

Net cash inflow/(outflow) from capital expenditure and
financial investment
                                                                          12,576        (17,537)        (15,293)

Net cash (outflow)/inflow from financing                                 (5,106)           8,558          11,150
                                                                         _______         _______          ______
Increase/(decrease) in cash for the period                                 6,652         (9,712)         (5,831)
                                                                           =====           =====            ====



The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. Statutory accounts for the
year ended 31 March 2004 have been delivered to the Registrar of Companies.




J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED
8th December 2004




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