Purchase of Own Securities

Fleming Japanese Smaller Cos IT PLC
24 January 2002


              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 24th January 2002 in the market it purchased for cancellation 150,000
ordinary shares at 165p per share representing 0.32% of the ordinary shares in
issue.

The remaining shares in issue following this announcement are 46,054,423.

24th 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



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