Transaction in Own Shares

JPMorgan Fleming Japanese Smllr Cos
21 January 2008



                       LONDON 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 has today
purchased 50,000 ordinary shares for cancellation at 160.0 pence per share.


Following the transaction the remaining shares in issue total 39,309,423.


21st January 2008


For further information, please contact:

Andrew Norman
JPMorgan Asset Management (UK) Limited, 020 7742 6000










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