Purchase of Own Securities

Fleming Japanese Smaller Cos IT PLC
19 January 2001


                         STOCK EXCHANGE ANNOUNCEMENT


                    THE FLEMING JAPANESE SMALLER COMPANIES

                             INVESTMENT TRUST PLC


                REPURCHASE OF ORDINARY SHARES FOR CANCELLATION


The Fleming Japanese Smaller Companies Investment Trust plc announces that on
Thursday 18th January 2001 in the market it purchased for cancellation 250,000
ordinary shares at 240p per share representing 0.49% of the ordinary shares in
issue.

The number of shares repurchased to date now totals 6,915,000.

The remaining shares in issue following this announcement are 50,329,423.


19th January 2001


For further information, please contact:

L E Field  (Company Secretary)

Chase Fleming Asset Management (UK) Limited..............
020 7742 3426



David McLaughlin

Kleinwort Benson Securities - Stockbrokers to the Company
020 7475 6672