Currency Hedge

Fleming Japanese Inv Trust PLC
29 March 2001




                      LONDON STOCK EXCHANGE ANNOUNCEMENT



                  THE FLEMING JAPANESE INVESTMENT TRUST PLC



                                CURRENCY HEDGE





The Company announces that it has today closed half of its currency hedge
(short of Yen). This leaves the Company still approximately 13% hedged out of
Yen. The closing of the transaction was done for a significant profit, and
reflects the Manager's increasingly positive outlook for the Japanese stock
market.











29th March 2001



Fraser Easton

For and on behalf of

Chase Fleming Asset Management (UK) Limited - Secretary





For further information:



Stephen Mitchell or Fraser Easton

Chase Fleming Asset Management (UK) Limited              020  7742 6000