Purchase of Own Securities

JPMorgan Fleming Japanese Smllr Cos
28 March 2003



                          STOCK EXCHANGE ANNOUNCEMENT

        JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST PLC


                REPURCHASE OF ORDINARY SHARES FOR CANCELLATION



JPMorgan Fleming Japanese Smaller Companies Investment Trust plc announces that
on 21st March 2003 in the market they purchased for cancellation 250,000
ordinary shares at 120p per share representing 0.61% of the ordinary shares in
issue.



The current repurchase authority for 6,608,255 shares was approved by
shareholders on 26th July 2002.  To date 3,025,000 shares have been repurchased
under this authority.



The remaining shares in issue following this repurchase total 41,059,423.








28th March 2003



For further information, please contact:

Hilary Lowe  (Company Secretary)

J.P. Morgan Fleming Asset Management (UK) Limited, 020 7742 3274


Gavin Tooke

Dresdner Kleinwort Wasserstein Securities Limited- Stockbrokers to the Company

020 7475 6685






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