Purchase of Own Securities

Fleming Japanese Smaller Cos IT PLC
16 January 2002



                         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
Wednesday 16th January 2002 in the market it purchased for cancellation
175,000 ordinary shares at 166p per share representing 0.38% of the ordinary
shares in issue.


The remaining shares in issue following this announcement are 46,204,423.



16th January 2002



For further information, please contact:



Hilary Lowe

For and on behalf of

J.P. Morgan Fleming Asset Management (UK) Limited

020 7742 3274



Alan Brierley

Dresdner Kleinwort Wasserstein Securities Limited- Stockbrokers to the Company

020 7475 6672