Final Results

Fleming Japanese Inv Trust PLC
17 November 2003

                   THE FLEMING JAPANESE INVESTMENT TRUST plc

                          Stock Exchange Announcement


The Board of The Fleming Japanese Investment Trust plc is pleased to announce
the Company's results for the year ended 30th September 2003.  Commenting on the
results the Chairman has made the following statement:

Chairman's Statement

There has been a welcome recovery in stockmarkets in the past six months. For
the year to 30th September we report an increase in net asset value of 22.0%,
which compares with a return of 15.4% from our benchmark index. Our share price
rose by 28.3%, as the discount narrowed from 18.7% to 14.5%.

Six months ago, such was investor concern over the weak Japanese economy and
impending war in Iraq that the TOPIX index had seen a run of losses extending to
55% since its last meaningful recovery, itself as long ago as 2000. The position
now is rather different. The stockmarket has recovered sharply on the back of
rapidly improving domestic economic prospects, and has been supported by
increased foreign buying of Japanese equities. Much is also being made of the 
'China' effect, with Japanese manufacturing companies being significant
beneficiaries of Chinese growth. Our investment managers believe that growth in
China and in Asia as a whole plays to Japan's strength as an exporter of high
quality capital goods and that this trend is set to continue.

I am conscious that the performance of our net asset value has been volatile,
not just in absolute terms but by reference to our benchmark and to some of our
peers. In the half yearly report our numbers lagged what had been a very weak
stockmarket, in the second half of the year we recovered very strongly. Yet,
over the year as a whole performance was 6.6% ahead of the benchmark index, and
over the past five and ten years it has been ahead 4.6% per annum and 4.0% per
annum respectively. The Board has been consistent in encouraging the investment
managers to invest in the stocks and sectors that they believe attractive,
regardless of the composition of the benchmark index. An inevitable consequence
is that there will be volatility in net asset value performance against our
benchmark. The policy of backing attractive areas of the market, regardless of
benchmark, has been a successful one and we believe that it will continue to be
the right course for the future.

Gearing has also been a factor in the volatility, providing benefits in strong
markets such as we have seen in the past six months, but exacerbating declines.
Over the course of the year, gearing increased from 107% to 112%. Having repaid
a fixed loan in March 2003 the Company's gearing facilities are now all in short
term floating rate borrowings carrying interest rates of less than 1% per annum.

Outlook

As long-standing investors in Japan we are acutely aware that there remain
deep-rooted structural problems in the economy that will require time and
determination to resolve. More immediately, the strength of the yen against the
dollar is a factor that may hinder the recovery in corporate earnings.
Nevertheless, we take encouragement from the very real progress that is being
made by individual Japanese corporations in restructuring, improving
profitability and developing new markets, and from the increasing opportunities
afforded through growth in China and the rest of Asia. The Japanese market has
been a laggard for the best part of a decade. Perhaps this period of
underperformance may be drawing to a close.

The Board

I reported last year on the appointment of David Pearson to the Board with
effect from 1st January 2003. Further changes will be made in the course of
2004. After more than 21 years as a Director of the Company, Patrick Gifford
intends to retire next year, as soon as a successor has been appointed. A
recruitment process using external search consultants is currently under way.
Patrick is a former Chairman of the Company and has been a Director since it
became a specialist Japanese investment trust in 1982. A former director of
Robert Fleming, he was instrumental in setting up its Tokyo office in 1971, he
headed the Japanese investment management team within Fleming, and he was
latterly head of its investment trust business. His contribution to this Company
has been very considerable.

I have been a director of the Company since 1983 and chairman since 1998. It is
my intention to retire at the conclusion of next year's Annual General Meeting.

Accounts

The Board has decided to amend its practice of charging expenses and interest
costs wholly to revenue. With effect from 1st October 2002, these are now
charged 20% to revenue and 80% to capital in line with the Board's expected
long-term split of returns from dividend income and capital gains. The result is
that for the first time in many years there is a positive balance in the revenue
account, but as the revenue reserve remains in significant deficit, and it will
be some years before this deficit can be eliminated, there is no immediate
prospect that the payment of dividends can be contemplated.

Authority to Repurchase the Company's Shares

At last year's AGM, shareholders granted the Directors authority to repurchase
up to 14.99% of the Company's shares for cancellation. During the year 2,010,000
shares were repurchased at a cost of £2,509,000, reducing the issued share
capital by 1.07%. The effect of purchasing the Company's shares at prices at a
discount to net asset value has been to enhance the net asset value per share
and this contributed 0.2% to the relative return over the year. The Directors
believe that circumstances could again arise when the mechanism would be of
benefit to shareholders. It is therefore proposed that the authority be renewed
for a further period.

Change of Company name

The Company's name has been The Fleming Japanese Investment Trust plc since it
became a specialist trust investing in Japan in 1982. Shareholders will be aware
that Robert Fleming & Co. was acquired by Chase Manhattan Bank in 2000 and that
it subsequently merged with JPMorgan. Since August 2000 our Manager has been
J.P. Morgan Fleming Asset Management (UK) Limited.

The Board has been cautious in responding to these changes, but now believes
that it is right that the name of the Company should be changed to reflect this
new situation and a recommendation to this effect is set out in the Notice of
Meeting.

Annual General Meeting

The Annual General Meeting of the Company will be held at 10 Aldermanbury,
London EC2V 7RF on 18th December 2003 at 2.00 p.m.

David Ritchie
Chairman            17th November 2003


The Fleming Japanese Investment Trust plc
Audited figures for the year ended 30th September 2003

Statement of Total Return (Audited)

                                                   Year ended 30th September 2003   Year ended 30th September 2002
                                                    Revenue     Capital      Total   Revenue     Capital       Total
                                                      £'000       £'000      £'000     £'000       £'000       £'000

Realised gains on investments                             -      11,335     11,335         -       1,694       1,694
Net change in unrealised depreciation                     -      62,079     62,079         -    (72,313)    (72,313)
Realised currency losses on cash and short-term
deposits held during the year                             -     (2,132)    (2,132)         -     (1,306)     (1,306)
Realised currency (losses)/gains on repayment of
Yen loans                                                 -       (481)      (481)         -       3,602       3,602
Unrealised gains on currency hedges                       -       1,428      1,428         -       6,937       6,937
Net change in unrealised currency (losses)/ gain
on Yen loans                                              -       (158)      (158)         -       2,321       2,321
Other capital charges                                     -        (21)       (21)         -        (34)        (34)
Income from investments                               3,443           -      3,443     3,369           -       3,369
Other income                                            831           -        831       232           -         232
                                                    _______    ________    _______   _______    ________     _______

Gross return/(loss)                                   4,274      72,050     76,324     3,601    (59,099)    (55,498)
Management fee                                        (412)     (1,647)    (2,059)   (2,749)           -     (2,749)
Other administrative expenses                         (405)           -      (405)     (362)           -       (362)
Interest payable                                      (166)       (660)      (826)   (1,552)           -     (1,552)
                                                    _______     _______    _______   _______     _______     _______

Net return/(loss) before taxation                     3,291      69,743     73,034   (1,062)    (59,099)    (60,161)
Taxation                                            (1,062)         708      (354)     (505)           -       (505)
                                                    _______     _______    _______   _______     _______     _______

Net return/(loss) after taxation                      2,229      70,451     72,680   (1,567)    (59,099)    (60,666)

Return/(loss) per ordinary share                      1.19p      37.70p     38.89p   (0.82)p    (31.08)p    (31.90)p


The Fleming Japanese Investment Trust plc
Audited figures for the year ended 30th September 2003

BALANCE SHEET                                                                   30th Sept        30th Sept
                                                                                     2003             2002
                                                                                    £'000            £'000

Investments at valuation                                                          458,581          361,180

Net current liabilities                                                          (17,675)          (4,490)

Amounts falling due after more than one year                                     (32,327)         (18,282)
                                                                                  _______          _______
Total net assets                                                                  408,579          338,408
                                                                                    =====            =====
Net asset value per share                                                          219.9p           180.2p


CASH FLOW STATEMENT
                                                                                     2003             2002
                                                                                    £'000            £'000

Net cash inflow from operating activities                                           1,218              495

Net cash inflow from returns on investments and servicing of
finance                                                                             6,178           21,518

Net cash (outflow)/inflow from capital expenditure and financial                 (25,774)           51,969
investment

Net cash inflow/(outflow) from financing                                           20,659         (79,670)
                                                                                  _______          _______
Increase/(decrease) in cash in the year                                             2,281          (5,688)
                                                                                    =====             ====




The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The comparative financial
information is based on the statutory accounts for the year ended 30th September
2002. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.


J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED

17th November 2003


                      This information is provided by RNS
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