Increase in Gearing

JPMorgan Fleming Japanese IT PLC
19 June 2006


                 JPMorgan Fleming Japanese Investment Trust plc

19th June 2006


Increase in Gearing

JPMorgan Fleming Japanese Investment Trust plc announces that, having reduced
its gearing level to around 105% in early May 2006, it has increased it back to
114% over recent days.  The Manager believes the market to be oversold and has
been buying on a valuations basis.


For further information, please contact;

Andrew Norman
JPMorgan Asset Management - Secretary

020 7742 6000




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