Purchase of Own Securities

Fleming Japanese Smaller Cos IT PLC
20 November 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
Monday 19th November 2001 in the market it purchased for cancellation 200,000
ordinary shares at 196p per share representing 0.42% of the ordinary shares in
issue.

The number of shares repurchased to date now totals 10,140,000.

The remaining shares in issue following this announcement are 47,104,423.


20th November 2001


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