Statement on Investments

JPMorgan Fleming Japanese Smllr Cos
23 January 2007



                          Stock Exchange Announcement

        JPMorgan Fleming Japanese Smaller Companies Investment Trust plc


JPMorgan Fleming Japanese Smaller Companies Investment Trust plc (the 'Company')
announces that it has a 1.3% portfolio holding called IXI, which has filed for
court protection from its creditors in Japan. IXI is a computer software company
and has advised of a significant charge against its assets. The Company has
reviewed the valuation of this holding and written down the value to a nominal
amount. This has reduced the assets of the Company by 3.3p per share.


The Company announced today a net asset value of 279.15p per share, which
incorporated the write-down of IXI


23rd January 2007



For further information, please contact:



Hilary Lowe
JPMorgan Asset Management (UK) Limited, 020 7742 6000





                      This information is provided by RNS
            The company news service from the London Stock Exchange